Gold edged lower on Wednesday, but the downside remained limited as investors fretted about mounting coronavirus cases and their impact on the global economy.

Europe has reported nearly 14.5 million Covid-19 cases, making it the worst-affected region in the world and accounting for more than 26 percent of all infections so far.

France became the first country in Europe to top 2 million confirmed cases of coronavirus.

Spot gold slid 0.2 percent to $1,877.17 per ounce, while U.S. gold futures were down half a percent at $1,875.95.

The dollar index weakened for a fourth day after data showed U.S. retail sales climbed in October at the slowest pace in six months.

Federal Reserve Chair Jerome Powell said Tuesday the American economy has a “long way to go” before it returns to pre-pandemic levels and that the Fed is committed to supporting a recovery.

On the stimulus front, Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer on Tuesday asked Senate Majority Leader Mitch McConnell to resume negotiations, while McConnell reportedly stuck to his insistence on a targeted package.

U.S.-China tension also remain on investors’ radar. According to a Bloomberg report, the U.S. Securities and Exchange Commission is pushing ahead with a plan that threatens to kick Chinese companies off U.S. stock exchanges.

The material has been provided by InstaForex Company – www.instaforex.com

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