Gold steadies at $1,900 as dollar firms

Bengaluru — A firmer dollar held back gold near the $1,900 per ounce psychological level on Monday even as US House Speaker Nancy Pelosi raised hopes for a coronavirus relief package before the presidential election.

“We expect gold to trade cautiously about $1,900 level for now, the game changer being whether we can get [US] fiscal stimulus in the next 48 hours,” said Howie Lee, an economist at OCBC Bank. Gold, widely viewed as a hedge against inflation and currency debasement, has risen about 25% this year as governments and central banks unleashed a wave of stimulus measures to limit economic damage from the pandemic.

The dollar held on to gains supported by investor worries about the looming US election, while Asian markets rose on optimism about a vaccine and US aid.

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