GOLD prices edged lower yesterday as investors grappled with uncertainty over additional US stimulus package, offsetting support from a weaker dollar that lifted bullion’s safe-haven appeal in early Asian trade. Spot gold fell 0.1% to US$1,833.70 per ounce by 0754 GMT. US gold futures were steady at US$1,837.00. Investors are unwinding their gold positions as stalled progress over a fiscal stimulus deal, which is seen as a catalyst, has reduced confidence, said Michael Langford, director at corporate advisory and consultancy AirGuide. Gold is seen as a hedge against inflation and currency debasement. A US Senate vote on a stopgap measure is likely to extend to yesterday’s deadline, a leading Republican said, as a top Democrat suggested talks over Covid-19 stimulus package could drag on through Christmas. Gold needs a very strong catalyst to break its descending trend and that could be in the form of a dovish Federal Reserve, a larger than expected US fiscal stimulus bill or the unlikely failure of vaccines, said Margaret Yang, a strategist at DailyFX. But limiting bullion’s losses, the dollar index traded close to its lowest level since April 2018. Highlighting the pandemic’s economic impact, data on Thursday showed that US weekly jobless claims jumped to a near three-month high. Also on investors’ radar were trade deal negotiations between the European Union and Britain, with UK Prime Minister Boris Johnson saying both parties could fail to reach a deal before the country leaves the bloc on Jan 1. A potential no-deal Brexit would incentivise investors to pick up the metal in pounds due to its likely depreciation, said Airguide’s Langford. —Reuters
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