Gold Down as USD Gains Strength
Gold was seen down Tuesday morning in Asia as the US dollar caught up on losses. A rapid rise in tech stocks, in particular Apple and Amazon pushed investors away from the safe-haven precious metal asset.
Positive drivers for gold included reborn hopes for US government stimulus, with the White House appearing prepared to go along with Trump’s new legislation, as well as the increasing likelihood of Biden’s win, which is largely expected to result in an even larger aid package. This, combined with ever-rising numbers of coronavirus infections in the US got dollar prices flattening out later in the session.
All in all, by 4.41 AM GMT, gold futures were seen down 0.65% to $1916.35.
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