Gold closes lower as investors shift to stocks

Gold futures fell on Wednesday, as investor rushed to stock markets and eschewed precious metals, despite the US dollar drop against most currencies.

The US Congress will later vote on the $2 trillion stimulus aid package to counter the coronavirus economic impact.

Informed sources at the White House confirmed that an agreement has been reached with the US Congress on the stimulus package, and will be passed.

The dollar index fell 1% to trade at 101.02 points as of 19:25 GMT, with a high of 101.9 and a low of 100.9.

Gold April futures fell 1.7% or $27.4, to close at $1,633.4 an ounce, after hitting a day high of $1,699.3 and a low of $1,615.2.