Gold prices eased on Tuesday, as equities
gained following US President Donald Trump’s discharge from
hospital after treatment for a coronavirus infection, though a
softer dollar cushioned the bullion’s further decline.
Spot gold fell 0.1% to $1,910.50 per ounce by 0722
GMT. It had hit $1,918.36 on Monday, highest since Sept. 22.
US gold futures were down 0.1% at $1,917.80.
“Equities are trading well today and because of that we are
seeing limited move in gold,” said Vandana Bharti, assistant
vice-president of commodity research at SMC Comtrade.
However, “the dollar is on a backfoot and that could prompt
some buying to return in gold… As long as gold is above the
$1,900 we can expect some recovery in bullion.”
Asian stock markets rose to a two-week high after the US
president returned to the White House from hospital following
treatment for COVID-19 and on rising prospects for a fresh US
However, the severity of Trump’s illness has been the
subject of intense speculation.
US House Speaker Nancy Pelosi and Treasury Secretary
Steven Mnuchin were preparing to continue talks on the new
coronavirus relief package again on Tuesday.
Gold was also weighed down by mild profit-booking, analysts