Gold prices slip amid COVID-19 resurgence, U.S. stimulus deadlock

16.10.2020 - Korneychuk Evgeniya
Gold prices slip amid COVID-19 resurgence, U.S. stimulus deadlock

Gold prices fell on Friday amid a spike in COVID-19 cases in Europe and the U.S., and the ongoing stalemate in the U.S. Congress over a COVID-19 package.

Gold futures slipped by 0.03%, trading at $1,908.30 per ounce at 12:36 AM ET (4:36 AM GMT), losing gains made earlier.

However, losses were limited with the Dollar showing signs of slowing down on Friday.

European countries, including the U.K. and France, reimplemented restrictions to curb the spread of the virus. Meanwhile, the U.S. Midwest also saw a surge in COVID-19 cases as it approaches winter.

U.S. President Donald Trump on Thursday offered to add to the $1.8 trillion package that was proposed earlier in the week. However, the offer was later rejected by Senate Majority Leader Mitch McConnell, who expressed doubt that Republicans might not agree to the increase. Treasury Secretary Steven Mnuchin also informed House of Representatives Speaker Nancy Pelosi the same day that Trump will personally lobby to get reluctant Senate Republicans behind any deal reached.

Globally, there are over 38.8 million cases recorded, with over 7.9 million cases seen in the U.S. as of October 16, according to data from Johns Hopkins University.

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