Gold gains above $1,900 as Dollar slips ahead of U.S. presidential debate

30.09.2020 - Petr Mazaylo
Gold gains above $1,900 as Dollar slips ahead of U.S. presidential debate

Gold prices rose on Tuesday, continuing gains from the previous session and returning to the key $1,900 level after the Dollar and equity markets slumped ahead of the U.S. presidential debate.

U.S. gold futures for delivery on December rose by 1.1% ($20), last trading at $1,903.20 per ounce on New York’s Comex. The benchmark gold futures contract has gained a cumulative 2% since the week began, heading for its best week in nearly two months.

Spot gold gained 0.8% ($14.28) at $1,895.68 by 3:05 PM ET (19:05 GMT), after it reached a session high of $1,899.12.

Meanwhile, the Dollar Index slipped by 0.4% to 93.922, after reaching a two-month high of 94.795 on Friday.

The yellow metal had seen record highs on August 7, with the spot price hitting a $2,073 an ounce, while Comex futures reached a $2,089 peak.

This week, the threshold went lower, slipping from $1,900 to as low as $1,849, before Monday’s late rebound.

Investors are now eyeing the U.S. jobs data for August, via non-farm payrolls on Friday, where gold could see additional gains if figures read lower than the 850,000 additions forecast.

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