Gold prices aim to snap 3-session skid, but set for 2nd weekly slide in a row

Gold takes a leg higher to end the week On Thursday, Senate Minority Leader Chuck Schumer, D-NY., said Majority Leader Mitch McConnell, R-Ky., had agreed to restart negotiations over a new coronavirus aid relief package. Up to now, Republicans and Democrats were disputing the size and scope of a potential aid bill.

It isn’t clear if discussions will restart in earnest but commodity investors may find the recent reports sufficient reason to buy gold on the back of more funds being expended by governments to limit the harm from the spread of the deadly pathogen.

“Gold pared losses following Schumer’s stimulus restart announcement. If stimulus negotiations continue to head in the right direction, gold should start to rally again,” wrote Edward Moya, senior market analyst at Oanda, in a research note.

Precious metals have been facing some headwinds, lately, as news on successful therapies and potential cures have served to undercut appetite […]

Click here to view original web page at www.marketwatch.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.