AGL 37.72 Decreased By ▼ -0.22 (-0.58%)
AIRLINK 168.65 Increased By ▲ 13.43 (8.65%)
BOP 9.09 Increased By ▲ 0.02 (0.22%)
CNERGY 6.85 Increased By ▲ 0.13 (1.93%)
DCL 10.05 Increased By ▲ 0.52 (5.46%)
DFML 40.64 Increased By ▲ 0.33 (0.82%)
DGKC 93.24 Increased By ▲ 0.29 (0.31%)
FCCL 37.92 Decreased By ▼ -0.46 (-1.2%)
FFBL 78.72 Increased By ▲ 0.14 (0.18%)
FFL 13.46 Decreased By ▼ -0.14 (-1.03%)
HUBC 114.10 Increased By ▲ 3.91 (3.55%)
HUMNL 14.95 Increased By ▲ 0.06 (0.4%)
KEL 5.75 Increased By ▲ 0.02 (0.35%)
KOSM 8.23 Decreased By ▼ -0.24 (-2.83%)
MLCF 45.49 Decreased By ▼ -0.17 (-0.37%)
NBP 74.92 Decreased By ▼ -1.25 (-1.64%)
OGDC 192.93 Increased By ▲ 1.06 (0.55%)
PAEL 32.24 Increased By ▲ 1.76 (5.77%)
PIBTL 8.57 Increased By ▲ 0.41 (5.02%)
PPL 167.38 Increased By ▲ 0.82 (0.49%)
PRL 31.01 Increased By ▲ 1.57 (5.33%)
PTC 22.08 Increased By ▲ 2.01 (10.01%)
SEARL 100.83 Increased By ▲ 4.21 (4.36%)
TELE 8.45 Increased By ▲ 0.18 (2.18%)
TOMCL 34.84 Increased By ▲ 0.58 (1.69%)
TPLP 11.24 Increased By ▲ 1.02 (9.98%)
TREET 18.63 Increased By ▲ 0.97 (5.49%)
TRG 60.74 Decreased By ▼ -0.51 (-0.83%)
UNITY 31.98 Increased By ▲ 0.01 (0.03%)
WTL 1.61 Increased By ▲ 0.14 (9.52%)
BR100 11,289 Increased By 73.1 (0.65%)
BR30 34,140 Increased By 489.6 (1.45%)
KSE100 105,104 Increased By 545.3 (0.52%)
KSE30 32,554 Increased By 188.3 (0.58%)

LONDON": Gold prices fell from a three-week peak on Monday as expectations of a limited US coronavirus relief bill dented the appeal of bullion, which is used as a hedge against likely inflation.

Spot gold fell 0.3% at $1,924.41 per ounce by 10:14 a.m. EDT (1414 GMT), after hitting its highest since Sept. 21 at $1,932.96. US gold futures rose 0.2% of $1,930.70.

The US government and bond market is closed on Monday for Columbus Day.

The possibility of a smaller US coronavirus stimulus bill is weighing on gold, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

"We are talking trillions (in stimulus) one day and it's billions the next day and it will (probably) be millions next, it feels like it is getting smaller coming into the election," Streible said.

The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill using leftover funds, as negotiations on a broader package ran into resistance.

Gold has gained over 26% so far this year helped by stimulus from governments and global central banks as it considered a hedge against inflation risks and currency weakening.

Meanwhile, Wall Street's main indexes opened higher on optimism about a fiscal stimulus deal in Washington.

Investors were also keeping a close eye on the upcoming US elections, where Democrat Joe Biden is seen as more likely to win.

"Gold will be higher if Biden wins because he will spend a lot of money," said Bob Haberkorn, senior market strategist at RJO Futures, adding any unknowns on the election night will also provide support.

Among other precious metals, silver slipped 0.2% to $25.07 per ounce, platinum fell 0.9% to $878.50, while palladium edged 0.3% higher to $2,446.73.-Reuters

Comments

Comments are closed.