Gold Is Preparing To End The Week With A Decline

Gold Is Preparing To End The Week With A Decline Gold is preparing to end the week with a decline. Gold prices continue to move according to the developments regarding the new stimulus package in the USA. After two weeks of rising, gold prices turned to close the week with a loss, as investors turned their attention to the discussions on the new stimulus package in the US. Speaking on Thursday, US Treasury Secretary Steven Mnuchin told Speaker of the House of Representatives Nancy Pelosi that Trump would personally lobby the Senate to get Republican support for any financial stimulus package to be agreed upon. US President Donald Trump has expressed his willingness to go further than the $ 1.8 trillion financial stimulus package previously proposed by the administration. However, Senate Majority Leader Mitch McConnell denied the request and Republican senators stated that they would not support it. Since the beginning of October, gold has maintained its course in a narrow band due to uncertainty over whether the incentive package will pass before the presidential election to be held on November 3. The International Monetary Fund (IMF) reported that more public spending is required to recover the US economy, which was greatly affected by the epidemic. "With market prospects changing with piecemeal news from the US stimulus negotiations and the approach of presidential elections, new offers or withdrawals from negotiations may just be a showcase before the elections," said Avtar Sandu, senior commodity manager for Phillip Futures Pte in Singapore. Following his remarks, Sandu shared his thoughts, saying, "The concerns of precious metals traders and other financial market players are about the size of the second fiscal stimulus package after the elections." Spot gold prices remained flat at $ 1,906.00 an ounce at 06:57 London time and tended to pass this week with a 1.2 percent depreciation. The Bloomberg Dollar Spot Index, which shows the course of the US currency against the G-10 coins, remained unchanged. Among other precious metals, spot silver, palladium and platinum also displayed a horizontal appearance.