Gold dips as Treasury Secretary Mnuchin recalls pandemic-related funds

An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. in Budapest, Hungary.

Akos Stiller | Bloomberg | Getty Images

Gold prices fell on Friday after U.S. Treasury Secretary Steven Mnuchin called for an end to some of the Federal Reserve ’s pandemic lending, sparking uncertainty about stimulus programs that have played a key role in reassuring financial markets.

Spot gold slipped 0.2% to $1,864.54 per ounce by 0359 GMT and was headed for a second week of decline. U.S. gold futures were up 0.1% at $1,863.80.“If the Fed does start shrinking its assistance program that could be a bit of headwind for gold again … The monetary debasement argument that has supported gold could weaken,” said Lachlan Shaw, National Australia Bank’s head of commodity research.In a letter, Munchin told Fed Chairman Jerome Powell that $455 billion allocated to […]

Click here to view original web page at www.cnbc.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.