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Gold holds its ground as traders weigh stimulus, equity selloff

Holds in the $1 900 an ounce range.
Image: Bloomberg

Gold steadied to trade near $1 900 an ounce as investors weighed fading prospects for fiscal aid before next week’s US presidential election and losses in equities.

Bullion held in a narrow range even as the dollar rose on Monday after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again failed to close major differences on a fresh package for a US economy facing a renewed surge in Covid-19 cases. The lack of a deal and concern over rising infections saw the S&P 500 Index log its biggest drop in a month.

Spot gold was little changed at $1 903.21 an ounce at 8:07 a.m. in Singapore. Silver rose 0.1%, platinum climbed 0.3% and palladium was steady. The Bloomberg Dollar Spot Index was flat.

© 2020 Bloomberg

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