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Gold inches up as dollar dips, Mnuchin rekindles stimulus hopes

Monday,   23-Nov-2020   09:01 AM (IST)

Gold prices ticked higher on Monday in early Asian trade, supported by a weaker dollar and hopes of further U.S. stimulus aimed at cushioning the economic blow from the COVID-19 pandemic. Spot gold rose 0.1% to $1,872.96 per ounce by 0059 GMT. U.S. gold futures were steady at $1,871.70. The dollar index was down 0.1%. U.S. Treasury Secretary Steven Mnuchin on Friday signalled that negotiations on stimulus measures would continue, even as he defended his decision to end several of the Federal Reserve's pandemic lending programs on Dec. 31.  U.S. healthcare workers and others recommended for the nation's first COVID-19 inoculations could start getting shots within a day or two of regulatory consent next month, a top health official said on Sunday. Leaders of the 20 biggest economies vowed on Sunday to spare no effort to supply COVID-19 drugs, tests and vaccines affordably and fairly to "all people". A festival-led buying spree continued in India's retail gold market last week, though premiums eased slightly from a week ago and sales volumes were seen as lower year-on-year. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.24% to 1,220.17 tonnes on Friday. Speculators raised their bullish positions in COMEX gold and silver contracts in the week to Nov. 17, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Silver firmed 0.4% to $24.24 per ounce. Platinum fell 0.3% to $943.21, while palladium was up 0.1% at $2,329.01.