Gold Down Over Strong Dollar, Investors Keep Eye on Stimulus Progress

 

Gold was down on Thursday morning in Asia, reversing gains from the previous session over a strengthening dollar. Meanwhile, investors kept their focus on the å U.S. Congress’ progress towards passing the latest stimulus measures before the Nov. 3 presidential election.

 
Gold futures were down 0.68% at $1,916.40 by 12:51 AM ET (4:51 AM GMT), remaining above the $1,900 mark. The dollar was up on Thursday morning.
 
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Crude Oil Prices Pick up on Jobless, Housing Data But Stay in Range

 

Crude oil prices picked up a little in early trading in New York on Thursday after some reassuringly strong data from the U.S. economy, but remained essentially range-bound, with memories still fresh of Wednesday's disappointing rise in gasoline stockpiles.

 
By 10:30 AM ET (1430 GMT), U.S. crude futures were up 1.5% at $40.61 a barrel, while Brent futures were up 1.4% at $42.31 a barrel. Prices remain under pressure from the gradual increase in production in Libya, which is now estimated to be producing at over 500,000 barrels a day, up from barely 100,000 barrels a day in the summer. A world economy that appears to be weakening again as Covid-19 spreads rapidly in Europe and North America is ill-positioned to absorb the extra supply.
 
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Dollar Edges Higher on Stimulus Uncertainty; Lira in Focus

 

The dollar edged higher in early European trade Thursday, as traders warily studied the ongoing negotiations in Washington over a potential new U.S. stimulus package.

 
At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 92.713, rebounding a touch after falling to its lowest level since Sept. 2 overnight.
 
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Gold prices pop higher as investors focus on talks on coronavirus relief
 
Gold prices on Monday traded higher to start the week, with talk of a last-ditch effort to strike a deal by U.S. lawmakers on a fresh round of fiscal relief before the 2020 presidential elections helping to drive buying appetite, experts said.
 
A weaker dollar also was paving a path higher for bullion because weakness for the buck can draw interest in gold from buyers using currencies that are relatively weaker than the buck.
Oil prices slip after China economic data; focus on OPEC+ supply
 
Oil prices fell on Monday after China's third-quarter economic growth rose came in weaker than expected, underscoring concerns that surging coronavirus cases globally are impacting demand in the world's largest oil importer.
 
The world's second-largest economy expanded by 4.9% in the third quarter from a year earlier, missing analyst expectations of 5.2%, government data showed. Refiners in China, the world's second-largest oil user, slowed their processing rates in September.
 
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Dollar Edges Higher; Chinese Data, Uncertain U.S. Political Situation Help

 

The dollar edged higher in early European trade Monday, with the disappointing Chinese GDP data weighing on risk sentiment, while traders also cast a nervous eye on the U.S. political situation.

 
At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.8727, following a 0.7% rise last week when a global surge in coronavirus cases and an impasse over the stimulus package prompted caution.
 
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Gold Up, Boosted by Halted COVID-19 Treatment, U.S. Stimulus Hopes
 
Gold was up on Wednesday morning in Asia, as hopes that the latest U.S. stimulus measures would be passed by Congress before the Nov. 3 presidential election, and a COVID-19 treatment would be launched quickly, were dashed.
 
Gold futures edged up 0.17% at $1,897.75 by 12:53 AM ET (4:53 AM GMT), remaining below the $1,900 mark. The dollar was up on Wednesday.
 
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Crude Oil Prices Rise as IEA Hails Q4 Stockpile Draw

 

Crude oil prices climbed back above $40 a barrel in the U.S. on Wednesday after a moderately upbeat of the near-term outlook from the International Energy Agency, which forecast a clear drop in world stockpiles in the final quarter of 2020.

 
By 9:30 AM ET (1315 GMT), U.S. crude futures were up 1.6% at $40.84 a barrel, while the international benchmark Brent contract was up 1.6% at $43.12 a barrel.
 
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Dollar Edges Higher on Vaccine Woes; Sterling Weakens

 

The dollar edged higher in early European trade Wednesday, holding on to recent gains following doubts about how quickly a Covid-19 vaccine will come to the market, prompting a more risk averse trading environment.

 
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up marginally at 93.567, retaining recent gains after hitting a three-week low of 92.997 on Friday.
 
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Gold Up Over Strengthening Dollar, Stall in Latest U.S. Stimulus Measures

 

Gold was up on Monday morning in Asia, with investors turning to the safe-haven asset as the dollar strengthened and talks over the latest U.S. stimulus measures stalled.

 
Gold futures were up 0.37% at $1933.35 by 12:08 AM ET (4:08 AM GMT), hitting its highest level since Sep. 21 at $1,932.96 earlier in the session. The dollar was up on Monday.
 
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