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    Gold holds steady as weaker dollar offsets upbeat risk sentiment

    Synopsis

    Spot gold traded at $1,912.49 per ounce by 0108 GMT. Prices hit $1,918.36 on Monday, a peak since Sept. 22.

    Gold-4---istockiStock
    U.S. gold futures were little changed at $1,919.30.
    Gold prices were steady on Tuesday, having hit a near-two week high in the previous session, as a softer dollar countered pressure from an upbeat risk sentiment.

    FUNDAMENTALS

    Spot gold traded at $1,912.49 per ounce by 0108 GMT. Prices hit $1,918.36 on Monday, a peak since Sept. 22.

    U.S. gold futures were little changed at $1,919.30.

    U.S. President Donald Trump returned to the White House on Monday after a three-night hospital stay where he was being treated for COVID-19.

    Asia's stock markets edged higher on Trump's health update and prospects of a U.S. stimulus package, while the dollar index dipped 0.1% against rivals.

    U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the coronavirus economic relief and were preparing to talk again Tuesday, continuing their work towards a deal on legislation.

    Chicago Federal Reserve Bank President Charles Evans said on Monday he expects U.S. inflation to reach 2% by 2023 and wants to push it to 2.5% to offset years of below-target price rises.

    The euro zone's economic recovery faltered in September, with growing evidence that sectors and countries in the bloc are diverging as a resurgence of the novel coronavirus forces the reimposition of restrictions on activity.

    Silver rose 0.1% to $24.37 per ounce, platinum inched 0.1% higher to $897.99, while palladium dipped 0.2% to $2,356.85.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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