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

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 […]

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet