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Gold edges up ahead of key U.S presidential debate

Nakul Iyer
·2 min read
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By Nakul Iyer

(Reuters) - Gold inched up to touch its highest in almost a week on Tuesday, supported by a pull-back in the dollar, as investors waited for the first U.S. presidential debate and further developments on a new U.S. coronavirus relief bill.

Having risen as high as $1,886.86, spot gold was up 0.1% at $1,883.55 per ounce at 0930 GMT, while U.S. gold futures rose 0.4% to $1,889.30.

The dollar was down 0.2% against a basket of other major currencies ahead of the 90-minute televised debate between President Donald Trump and democratic rival, Joe Biden at 2100 ET (0100 GMT).

"We could see a little bit of strength (in gold) in the medium term but sentiment does appear to have shifted a little bit towards the downside," Michael Hewson, chief market analyst at CMC Markets UK.

Investors appear to be leaning towards U.S. tech stocks rather than gold and with no further action from U.S. Federal Reserve until November, there is no reason to buy it, he added.

The metal has fallen more than 4% this month and is on track for its worst monthly decline since November 2016.

Investors are also keeping close tabs on the prospect for a fiscal coronavirus package with Democratic lawmakers in U.S. House of Representatives unveiling a $2.2 trillion relief bill, although no date was given for a vote on the proposal. A

s long as the (gold) price remains above $1,850-$1,860, the main trend remains positive, while a decline below $1,850 would denote some further weakness, said ActivTrades chief analyst Carlo Alberto De Casa in a note.

The 10% decline in gold prices from August's record high still looks like a significant correction or pause for consolidation, rather than a proper reversal, he added.

Elsewhere, silver rose 0.1% to $23.74 per ounce, platinum dipped 0.3% to $876.50, while palladium edged 0.2% higher to $2,260.55.

(Reporting by Nakul Iyer in Bengaluru; Editing by Kirsten Donovan)