News24
26 Oct 2020, 12:12 GMT+10
Gold declined to trade near $1 900 an ounce as investors weighed fading prospects for a US stimulus deal, while the country reported record coronavirus infections for the second day in a row.
House Speaker Nancy Pelosi said the chamber could pass a plan this week, though a deal with the White House remains elusive and the Republican-led Senate might not act before the election. Speculation about a package has helped Treasury yields rise in recent weeks, dulling bullion's allure.
"Gold is facing a bit of a headwind from the recent slight rise in real yields," said Nicholas Frappell, global general manager at Sydney-based ABC Bullion. "Some investors are optimistic over the prospects for U.S. growth. Others are seeing positioning ahead of a Democratic win and assuming that the fiscal consequences will drive bond prices lower and yields higher."
Spot gold dropped as much as 0.6% to $1 891.38 an ounce, and was at $1,898.80 at 11:23 a.m. in Singapore, down for a third day. Silver fell 1.2%, platinum lost 1.5% and palladium declined 0.9%. The Bloomberg Dollar Spot Index rose 0.2%. Real yields on 10-year Treasuries ticked lower after surging last week.
Separately, on the virus front, White House Chief of Staff Mark Meadows said the US isn't going to "control" the pandemic. The World Health Organization's director general said some countries in the northern hemisphere are facing a "dangerous moment" as cases spike.
Get a daily dose of Irish Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.
More InformationTORONTO, Canada: An initial investigation into last month's dramatic Delta Air Lines crash-landing in Toronto has revealed that the...
NEW YORK CITY, New York: New York State's highest court has struck down a law this week that would have allowed over 800,000 legal...
The death toll in Gaza on the weekend has passed 50,000, local health authorities have reported. What started the carnage was the Hamas-led...
WASHINGTON, D.C.: The U.S. Department of Agriculture (USDA) has announced plans to invest up to US$100 million in research to develop...
WASHINGTON, D.C.: The U.S. Department of Health and Human Services (HHS) has removed a 2024 advisory from its website that called gun...
WASHINGTON, D.C.: Industry leaders are pushing the Trump administration to clear regulatory obstacles slowing the rollout of self-driving...
DUBLIN, Ireland: Ireland's Finance Minister Paschal Donohoe has warned that an escalating trade war between the European Union and...
DUBLIN, Ireland: Ireland has risen two places to become the 15th happiest country in the world, according to the World Happiness Report...
BRUSSELS, Belgium: The European Union is set to tighten steel import quotas starting in April, reducing inflows by 15 percent to prevent...
DUBLIN, Ireland: Ireland's property prices continued their upward trend, rising by 8.1 percent in the 12 months leading to January...
BERLIN, Germany: Audi has announced plans to cut up to 7,500 jobs in Germany by 2029 as part of a broader restructuring aimed at reducing...
Moscow [Russia], March 25 (ANI): Russia is actively expanding ties with the majority of global states, including India with whom Moscow...