Gold ends rout after Trump tests positive for COVID-19

02.10.2020 - Petr Mazaylo
Gold ends rout after Trump tests positive for COVID-19

Gold ended its retreat after President Donald Trump announced early Friday that he and First Lady Melania Trump had tested positive for COVID-19, roiling global assets and lifting the Dollar.

Trump wrote on Twitter that he and the first lady would “begin our quarantine process,” just after one of his closest aides, Hope Hicks, had fallen ill with the virus.

Gold prices had seen a record slump in the previous month as the Dollar rallied, but later found support in low interest rates, a resurgence in COVID-19 cases in some parts of the world, and uncertainties from the U.S. elections.

Spot Gold settled 0.1% lower, trading at $1,904.84 an ounce by 1:42 PM in Singapore, after losing more than 0.8% during the session.

Investors are currently waiting for U.S. non-farm payrolls data, which is due later in the day. Bloomberg Economics analysts do not expect the September report to be consequential enough to tilt the election outcome.

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