The simmering progress of the stimulus package deal for battling the coronavirus ahead of the presidential elections in the US has led gold prices to fall further.
Secretary Steven Mnuchin and speaker of the Congress Nancy Pelosi are burying their hatchet and reaching to talks over the package, said one of Pelosi’s staff recently.
The news steadied the dollar and pushed the equity market ahead after the package signalled risk appetite. The yellow metal has narrowed down its prospects amid the global economic slowdown, recovery of from the pandemic and fraught Washington talks during the election time in the US.
Meanwhile, the spot gold slipped to $1,899.17 a loss of 0.3 per cent per ounce in Shanghai. On the other hand, platinum fell too, and palladium and silver motioned a little.