Gold slips as dollar firms after Trump, Biden face off
· Gold dipped on Wednesday as the dollar ticked up after Republican President Donald Trump and Democratic rival Joe Biden sparred in the first U.S. presidential debate ahead of the November 3 election.
· Spot gold fell 0.5% to $1,889.66 per ounce by 0357 GMT, after hitting a one-week high of $1,899.12 earlier in the session.
· Spot gold was on track to post it worst monthly fall since November 2016, dropping 4% so far this month.
· U.S. gold futures were down 0.4% at $1,895.40.
· “The U.S. dollar is still dominating the gold price movement ... The debate didn’t give us too much of surprises,” said Margaret Yang, a strategist with DailyFx, which covers currency, commodity and index trading.
“Gold has entered into a temporary consolidation phase but this may be a short-term correction in a long-term bull run, as we move towards a second U.S. fiscal stimulus,” Yang added.
· The debate in Cleveland turned chaotic as the U.S. presidential candidates faced off over Trump’s leadership on the Covid-19 pandemic, the economy and taxes.
· Also taking some shine off gold was upbeat Chinese data on manufacturing and services activity that beat analysts’ expectations and bolstered the economic recovery.
· Investors are tracking the progress of a new U.S. coronavirus relief bill after U.S. House Speaker Nancy Pelosi said she hoped for a deal this week with the White House, following talks with Treasury Secretary Steven Mnuchin.
· Silver slipped 1.1% to $23.91 per ounce, platinum fell 0.9%, to $876.27 and palladium was up 0.4% to $2,318.35.
Reference: CNBC
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