Gold steady as coronavirus, US elections uncertainty loom

Gold steady as coronavirus, US elections uncertainty loom

Representative Image. Credit: Reuters Photo Gold prices were little changed on Wednesday, staying above the $1,900-mark, as uncertainties about US elections and surging global Covid-19 cases countered pressure from a firmer dollar and fading hopes of an immediate US stimulus package.

Spot gold was steady as $1,906.15 per ounce by 0329 GMT. US gold futures were down 0.3% at $1,907.10.

"Investors need a reason to buy more gold and the reason to buy gold will come from a policy signal," said Stephen Innes, chief global market strategist at Axi.

"With the virus raging all over, we are going to get stimulus at some point… This is also probably leaning towards more central bank intervention because the economic hit is going to be quite significant," he added.The pandemic has prompted unprecedented money printing and low-interest rates globally, putting gold on track for its best year in a decade given its appeal as a […]

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