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PRECIOUS-Gold holds firm as investors focus on Trump's health

Published 05/10/2020, 12:08 pm
Updated 05/10/2020, 12:12 pm
©  Reuters
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Oct 5 (Reuters) - Gold prices were steady around the $1,900 level on Monday, amid political uncertainty stoked by U.S. President Donald Trump's health after he tested positive for COVID-19 last week.

FUNDAMENTALS

* Spot gold XAU= was up 0.1% to $1,900.28 per ounce by 0048 GMT.

* U.S. gold futures GCv1 were down 0.1% at $1,906.30.

* Doctors treating Trump for COVID-19 sent conflicting signals about the severity of his condition on Sunday, hours before the president surprised supporters gathered outside the hospital with an impromptu motorcade. U.S. employment growth slowed more than expected in September and over 300,000 Americans lost their jobs permanently, underscoring the need for additional fiscal stimulus to aid the economy's recovery. British Prime Minister Boris Johnson said on Sunday that he does not particularly wish for the Brexit transition period to end without a new trade deal in place but believes that Britain could live with such an outcome. The dollar index .DXY was down 0.1% against rivals, while U.S. stock futures rose on hopes that Trump could be discharged from hospital later in the day. USD/ MKTS/GLOB

* Speculators reduced their bullish positions in COMEX gold and increased them in silver contracts in the week to Sept. 29, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Holdings in SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, fell 0.05% to 1,275.60 tonnes on Friday. Silver XAG= rose 0.8% to $23.89 per ounce, platinum XPT= eased 0.1% to $881.51 and palladium XPD= was little changed at $2,307.64.

DATA/EVENTS (GMT)

0600 UK

Reserve Assets Total

0750 France Markit Serv, Comp PMIs

0755 Germany Markit Services PMI

0755 Germany Markit Comp Final PMI

0800 EU

Markit Serv, Comp Final PMIs

1345 US

Markit Serv, Comp Final PMIs

1400 US

ISM N-Mfg PMI

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