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Gold rises for second straight day as dollar drops
Gold prices rose on Thursday, extending gains for the second day, within recovery attempts from the 3-week low hit yesterday, as the US dollar fell against a basket of currencies.
Gold prices rose 1.5% to $1,942.71 an ounce, after opening at $1,914.42, with a session-low of $1,912.84.
The yellow metal gained 0.3% yesterday, posting its first daily gain in 4 days, and rebounded from 3-week low of $1,862.61.
The dollar index fell over 0.4% today, to deepen its losses for the second straight day, on doubts about the US new stimulus package to address the coronavirus impact.
Democrats and Republicans in the US are far apart on the new coronavirus relief bill, as negotiators from both parties exchanging blows for delaying the talks for 5 days.
US President Donald Trump accused the Dems on Wednesday of not wanting to negotiate over the aid coronavirus package.
Gold stocks at the SPDR ETF fell 7.3 metric tonnes yesterday, to reach the lowest level since August 3 at 1,250.63 metric tonnes.
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