Gold dips as Treasury Secretary Mnuchin recalls pandemic-related funds

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 […]

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