Bengaluru — Gold slipped on Thursday from a more than one-week high hit in the last session, as the dollar recovered some lost ground after doubts emerged whether an agreement on a new US fiscal coronavirus aid package could be reached before the election.
“What we are seeing is this unwillingness to really believe [about a stimulus deal] ... that’s why these moves don’t have near-term follow through,” said DailyFx currency strategist Ilya Spivak. Underscoring the need for additional fiscal support, US Federal Reserve governor Lael Brainard said the economic recovery is uneven and uncertain and will require continued support to ensure it becomes broad-based and sustainable.
“Despite the fall in Asia, gold looks to be a buy on dips, especially as financial markets start to price in substantial risk potential over the coming two weeks,” said Jeffrey Halley, senior market analyst at Oanda.
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