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Gold holds steady as weaker dollar offsets upbeat risk sentiment

Published 06/10/2020, 12:28 pm
Updated 06/10/2020, 12:30 pm
© Reuters.
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Oct 6 (Reuters) - 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 XAU= 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 GCv1 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 .DXY dipped 0.1% against rivals. MKTS/GLOB USD/

* 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 XAG= rose 0.1% to $24.37 per ounce, platinum XPT= inched 0.1% higher to $897.99, while palladium XPD= dipped 0.2% to $2,356.85.

DATA/EVENTS (GMT)

0330 Australia RBA Cash Rate

Oct

0500 India

IHS Markit Svcs PMI Sept

0600 Germany

Industrial Orders MM Aug

1230 US

International Trade Aug

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