Gold Loses Glitter, Dollar Rises

Published on Oct 07, 2020 11:21

Gold slumped as US President Trump said on Tuesday he has instructed his representatives to stop negotiating with Democrats for a new stimulus package. This dashed hopes of further monetary impetus to the economy and pushed up the US dollar index from a two week low. COMEX Gold also tanked from a two week top amid these cues and broke under $1900 per ounce mark. The commodity is down 1% to trade at $1896 per ounce right now. Gold bulls had been waiting for a smooth passage of the fresh US stimulus in last few days and the latest developments are likely to keep the metal under check now.