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

·2 min read

By Gina Lee

Investing.com – 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.

Although President Donald Trump and House of Representatives Speaker Nancy Pelosi made earlier remarks that raised hopes for the measures to be passed before the election, investors continue to doubt Congress’ ability to overcome Senate Republicans’ opposition to the package’s price tag.

Pelosi herself admitted that the measures might not pass before Nov. 3, even as she continues discussions with Treasury Secretary Steven Mnuchin later in the day and remains optimistic about reaching a deal.

Meanwhile, Trump and Democratic candidate Joe Biden will meet for the final presidential debate n Nashville, Tennessee, later in the day.

In Asia, tensions between the U.S. and China mounted after Secretary of State Michael Pompeo designated six more Chinese publications as “foreign missions”, or media outlets controlled by Beijing, at a Wednesday briefing.

The six latest additions are the Economic Daily, the Jiefang Daily, Yicai Global, Xinmin Evening News, Social Sciences in China Press, and the Beijing Review. They join five other Chinese media outlets, including Xinhua News Agency and the China Daily, designated “foreign missions” in February.

China was quick to react, with Global Times editor-in-chief Hu Xijin tweeting, “The US has gone too far ... the move will further poison working environment of media outlets in each other’s country," adding that China will “definitely” retaliate if the media outlets suffer actual harm from the designation.

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