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Gold edges up as dollar slips, pandemic fears grow

10/29/2020 | 11:47pm

* Spot gold on track for third straight month of decline
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa


By Eileen Soreng
Oct 30 (Reuters) - Gold gained on Friday as the dollar
retreated, pushing safe-haven inflows to bullion again after a
surge in coronavirus cases in the United States and Europe
threatened to derail an economic recovery.
Spot gold edged up 0.1% at $1,869.16 per ounce by
0711 GMT. It saw sharp declines in the last two sessions as it
lost out to the dollar as the preferred hedge against risks from
a worsening pandemic and Tuesday's U.S. presidential elections.

U.S. gold futures also rose 0.1% to $1,869.
The dollar index paused its rally and was flat
against a basket of currencies, making bullion cheaper for
holders of other currencies.
"The dollar rebound appears to have run its course," said
Edward Moya, senior market analyst at OANDA.
"The virus spread is going to provide additional pressure on
the Congress to deliver more support... That's just going to
bolster the stimulus trade going forward."
The U.S. broke its single-day record for new infections on
Thursday, while Germany and France ordered fresh lockdowns.

Gold was on track for a third straight month of declines,
with sentiment dented by a lack of progress on a new U.S. fiscal
package, since bullion is considered a hedge against inflation
and currency debasement.
"Leading into the U.S. elections I see it (gold) staying
weak," said Michael Langford, executive director at corporate
advisory and consultancy firm AirGuide.
But "regardless of whoever wins the election, there is going
to be some form of stimulus program and that's positive for
gold."
U.S. polls show Democratic contender Joe Biden with a
significant edge nationally, but with a tighter lead in
battleground states that can decide the election.
Despite the recent pullback, gold is up nearly 24% this
year, thanks to unprecedented global stimulus measures.
Silver fell 0.3% to $23.21 per ounce. Platinum
eased 0.1% to 847.02 and palladium gained 0.6% at
$2,205.66.

(Reporting by Eileen Soreng in Bengaluru; Editing by Amy Caren
Daniel)


© Reuters 2020
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