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Gold Firms Up On Weaker Dollar

Gold edged higher on Thursday and the dollar declined as investors cheered signs of progress in Washington toward a new fiscal stimulus package to aid the virus-beaten economy.

Spot gold rose half a percent to $1,896.12 per ounce, while U.S. gold futures were up 0.3 percent at $1,901.30 per ounce.

Risk sentiment improved somewhat as renewed hopes for a stimulus bill and encouraging private payrolls data helped investors shrug off concerns over a disorderly presidential debate.

Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi said they will continue talks on a broad coronavirus relief bill, raising hopes that U.S. lawmakers could finally agree on the long-stalled relief package for the world’s top economy.

Meanwhile, a stronger-than-expected reading of private-sector job growth in September raised expectations that the last U.S. jobs report before the November election due out later this week will probably show the labor market’s rebound continued in September.

Market participants await another batch of economic data, including reports on weekly jobless claims, personal income and spending, manufacturing activity and construction spending later today for more clues about the pace of recovery in the world’s largest economy.

The material has been provided by InstaForex Company – www.instaforex.com