empty
 
 

2020.10.2118:22:00UTC+00Gold Futures Settle Higher For 3rd Straight Day

Gold prices moved higher on Wednesday and the front-month gold futures contract extended its gains to a third successive day, as the dollar continued to exhibit weakness.

Reports showing continued surge in coronavirus cases across the world contributed as well to gold's uptick.

Dollar's weakness was due to continued optimism about a U.S. fiscal stimulus. Despite the ongoing impasse over stimulus talks, it is widely expected that the lawmakers will eventually arrive at a compromise by the end of this week.

The dollar index dropped to a low of 92.47 around late morning, and despite edging up a bit subsequently to 92.56, was still notably lower, netting a loss of over 0.5% from previous close.

Gold futures for December ended up $14.10 or about 0.7% at $1,929.50 an ounce.

Silver futures for December moved up $0.261 to settle at $25.241 an ounce, while Copper futures for December settled at $3.1985 per pound, up $0.0505 from previous close.

On the stimulus front, House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin are expected to talk again today as they seek to reach an agreement on a new relief package before next month's elections.

In a post on Twitter, Pelosi's deputy chief of staff Drew Hammill said the Speaker and the Secretary have called for committee chairs to work to resolve differences about funding levels and language.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback