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 Dublin News 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 Dublin News.
More InformationVancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....
DUBLIN, Ireland: Former government minister Mary Hanafin has confirmed she will seek the Fianna Fáil nomination to contest Ireland's...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
DUBLIN, Ireland: Ireland's EU Commissioner Michael McGrath has defended Commission Vice President Kaja Kallas over her recent comments...
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...
DUBLIN, Ireland: Post-tax profits at Ballymaloe Cookery School rose by 53 percent in 2024 to 135,952 euros, helped by the buzz around...