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Gold Up, Boosted By U.S. Jitters and Weak Dollar
Published Oct 27, 2020 01:01AM ET
© Reuters.
By Gina Lee
Investing.com – Gold was up on Tuesday morning, boosted by a weak dollar and concern over the potential economic impact from the ever-rising number of COVID-19 cases.
There are over 43.4 million COVID-19 cases globally as of Oct. 27, according to Johns Hopkins University data.
Gold futures were up 0.24% at $1,910.30 by 12:58 AM ET (4:58 AM GMT), staying above the $1,900 mark. The dollar was down on Tuesday morning.
The U.S., Russia and France saw record numbers of daily COVID-19 cases, with restrictive measures re-introduced in some European countries. The worries over the potential economic impact of the measures dampened sentiment and drove investors to the safe-haven yellow metal.
In the U.S., talks over the latest stimulus measures seemed to have come to a halt, with White House economic adviser Larry Kudlow on Monday saying talks have slowed. However, House of Representatives Nancy Pelosi remained optimistic that a consensus with Senate Republicans could be reached on the measures before the presidential election, now only a week away.
On the data side, the U.S. reported a fall in September’s new single-family homes sales, after four consecutive months of increases. However, the housing market continues to be supported by low mortgage rates and increased demand for home-office space due to COVID-19. Further data, including third quarter GDP, is due to be released later in the day.
Across the Atlantic, the U.K. and the European Union (EU) are working against the clock to bridge gaps and seal a Brexit trade deal. Michel Barnier, the EU chief negotiator, will head to London to resume negotiations.
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