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Gold Up Over Weak Dollar, Looks to U.S. Presidential Debate

Gold was up on Tuesday morning in Asia, boosted by a weaker dollar but avoiding big moves ahead of the…

By financial2020myday , in Commodities , at September 29, 2020

Gold was up on Tuesday morning in Asia, boosted by a weaker dollar but avoiding big moves ahead of the U.S. presidential debate and the latest developments in U.S. stimulus measures.

Gold futures were up 0.24% at $1,886.90 by 12:31 AM ET (4:31 AM GMT). The greenback inched down on Tuesday after recording its biggest daily percentage drop in a month during the previous session.

Holdings in SPDR Gold Trust (P:GLD), the largest gold-backed exchange-traded fund globally, rose 0.16% to 1,268.89 tonnes on Monday.

President Donald Trump and Democrat candidate Joe Biden will take part in the debate, ahead of the Nov. 3 presidential elections.

The focus is also back on whether the Senate will pass the latest relief bill proposed by Democrats before the election. U.S. House of Representatives Speaker Nancy Pelosi said on Monday that the reduced, $2.2 trillion price tag was a compromise, but did not indicate when a vote would take place.

Across the Atlantic, the European Union (EU) and the U.K. began a week-long round of talks on Monday to iron out a Brexit deal. But both parties warned that there was still a long road towards reaching an agreement.

On the COVID-19 front, the number of new cases in the U.S. rose for the second week in a row in 27 out of the 50 states, adding to concerns over the health of the U.S. economy. Globally, deaths from the virus topped 1 million, with over 33.2 million cases as of Sep. 29, according to Johns Hopkins University data.

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