👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickCOPY FOR FREE

PRECIOUS-Gold inches higher on subdued dollar; Trump-Biden debate in focus

Published 28/09/2020, 02:08 pm
© Reuters.
XAU/USD
-
XAG/USD
-
DX
-
GC
-
SI
-
PA
-
PL
-
DXY
-

* Spot gold may break support at $1,855/oz - technicals

* Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/ (Adds comment, updates prices)

By Eileen Soreng

Sept 28 (Reuters) - Gold prices edged up on Monday as the dollar slipped off a two-month peak hit last week after political uncertainty accelerated ahead of the first presidential election debate between U.S. President Donald Trump and his Democratic rival Joe Biden.

Spot gold XAU= was up 0.1% at $1,861.16 per ounce by 0703 GMT. U.S. gold futures GCv1 were down 0.3% at $1,861.60.

"Gold is going to be driven by the tenor of the U.S. dollar," said Stephen Innes, chief market strategist at AxiCorp.

"The big move is going to probably occur after the presidential debate when we have a better read on where the polls are going to be sitting."

The dollar index .DXY was down 0.1% against rivals, slightly off a two-month peak hit last week. USD/

A firmer dollar makes bullion more expensive for holders of other currencies.

Trump and Biden will have their first presidential election debate on Tuesday. focus will also be on a new fiscal support package after U.S. House Speaker Nancy Pelosi said on Sunday a deal could be reached with the White House on a coronavirus relief package and that talks were continuing. central banks and governments have released massive stimulus to prop up their economies from the impact of the COVID-19 pandemic, pushing gold more than 20% higher this year. However, prices have retreated by about 10% since hitting a record peak in August.

"We are more likely to see gold buyers chasing the market higher if $1,900 an ounce gets recaptured, than for them to load up at these price levels for now," said Jeffrey Halley, a senior market analyst at OANDA, in a note.

On the technical front, spot gold may break support at $1,855 per ounce, said Reuters technical analyst Wang Tao. TECH/C

Elsewhere, silver XAG= fell 0.3% to $22.78 per ounce, platinum XPT= gained 0.8% to $853.55 and palladium XPD= eased 0.1% to $2,214.04.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ gold

https://tmsnrt.rs/30dMoao

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.