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After recording stellar gains in the previous two sessions, gold prices drifted lower on Wednesday as riskier assets such as equities rose sharply after the U.S. Senate agreed to a massive $2 trillion relief package.

Gold prices declined even as the dollar lost substantial ground against other major currencies.

The dollar index dropped to a low of 101.11 this afternoon, and was last seen at 101.19, down 0.87% from previous close.

Gold futures for April ended down $27.40, or about 1.7%, at $1,633.40 an ounce.

On Tuesday, gold futures gained $93.20, or 0.6%, after having surged up $83, or about 5.6% on Monday.

Silver futures for May ended up $0.616 at $14.873 an ounce, while Copper futures for May settled at $2.2040 per pound, gaining $0.0240 for the session.

U.S. Senate leaders and White House officials have finally reached an agreement on a $2 trillion fiscal stimulus package intended to provide economic relief during the ongoing coronavirus pandemic.

Senate Majority Leader Mitch McConnell, R-Ken., and Senate Minority Leader Chuck Schumer, D-N.Y., announced the deal in the early morning hours on Wednesday, with a vote on the bill expected later in the afternoon.

"At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic," McConnell announced from the Senate floor.

McConnell described the bill as a "war-time level of investment" in the country, providing financial assistance to individuals and companies.

The massive bill includes $250 billion in direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.

The legislation will purportedly provide direct payments of $1,200 to individuals making up to $75,000 a year, $2,400 to couples making up to $150,000 and an additional $500 per child.

Meanwhile, a report released by the Commerce Department showed an unexpected increase in new orders for U.S. durable goods in the month of February.

The Commerce Department said durable goods orders jumped by 1.2% in February after a revised uptick 0.1% in January.

Economists had expected durable goods orders to decrease by about 0.8% compared to the 0.2% dip that had been reported for the previous month.