Gold Hit by Steady Dollar, Fading U.S. Stimulus Hopes

(Reuters) – Gold prices dipped on Thursday as the dollar steadied and comments from U.S. Treasury Secretary Steve Mnuchin dashed hopes of a new fiscal stimulus package before the presidential election.

Spot gold fell 0.2% to $1,896.26 per ounce by 0320 GMT, after rising as much as 1.1% in the previous session.

U.S. gold futures were down 0.4% to $1,899.

“The (gold) market is still treading water waiting for further clarity on what stimulus package may be needed in the U.S.,” said Cameron Alexander, manager of precious metals research at Refinitiv Metals Research.

“Gold will rise once the details of a possible stimulus package become available, but that may not happen for a while.” Read more…..


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