Gold fell by up to two percent and silver lost about six percent today, Wednesday, amid investors’ appetite for the dollar in the absence of any indications of imminent US financial stimulus measures to ease the economic shock of the Covid-19 pandemic, according to Reuters.
The spot price of gold recorded its lowest level since September 28 at 1869.21 dollars an ounce, but later improved to reach 1879.03 dollars by 1734 GMT. And US gold futures fell 1.7 percent, to be settled at $ 1879.20.
Silver tumbled to $ 23, its lowest level since Oct.7.
“Metals were heavily dependent on further stimulus at this point and the betting camp is totally in control right now,” said Bob Habercorn, chief market strategist at RJO Futures.
“Overall, the gold market is depressed due to the strengthening of the dollar due to the absence of stimulus measures and the risk-off mentality ahead of the elections.
The dollar jumped 0.6 percent to its highest level in more than a week against a basket of other major currencies, with the euro being negatively affected by the possibility of imposing new European closures, which also accelerated stock losses.
Platinum fell 1.4 percent to $ 866.66 an ounce, and palladium fell 3.5 percent to $ 2,249.04.
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