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PRECIOUS-Gold eases as dollar firms; U.S. election debate in focus
Published at 23/10/2020 at 02:32

Oct 23 (Reuters) - Gold prices dipped on Friday, weighed by a stronger dollar, as investors kept a close watch on the final U.S. presidential election debate and sought further clarity on a coronavirus aid package.

FUNDAMENTALS

* Spot gold fell 0.1% to $1,902.57 per ounce by 0110 GMT, after slipping more than 1% in the previous session.

* U.S. gold futures were little changed at $1,904.80 per ounce.

* The dollar index rose against a basket of currencies, dimming bullion's appeal to other currency holders.

* U.S. House Speaker Nancy Pelosi on Thursday said negotiators were making progress in talks with the White House over a new coronavirus fiscal aid package and a deal could be reached "pretty soon".

* White House economic adviser Larry Kudlow however cautioned that there were still "significant policy differences" unlikely to be resolved before the election.

* Investors are also watching out for the final U.S. presidential debate that began at 9 p.m ET on Thursday.

* U.S. data showed that weekly jobless claims dropped more than expected, while home sales surged to a more than 14-year high in September.

* With time fast running out, Britain and the European Union began intensified daily talks on Thursday, in a final push for a Brexit deal.

* Strong investor demand for gold will keep prices high and offset the likely slump in demand from jewellers and central banks next year, Refinitiv Metals Research said.

* Holdings of the largest gold-backed exchange-traded-fund (ETF), the SPDR Gold Trust , fell 0.1% on Wednesday to 40.8 million ounces from Tuesday.

* Silver fell 0.8% to $24.56 per ounce, while platinum dropped 0.4% to $880.94 and palladium rose 0.3% to $2,379.50.

DATA/EVENTS (GMT)

0800 EU Oct. Markit Manufacturing, Services Flash PMI

0830 UK Oct. Manufacturing, Services Flash PMI

1345 US Oct. Manufacturing, Services Flash PMI

(Reporting by Nakul Iyer in Bengaluru; Editing by Amy Caren Daniel)

((nakul.iyer@thomsonreuters.com; Within U.S. +1 646 223 8780, Outside U.S. +91 80 6749 0417; Reuters Messaging: nakul.iyer.thomsonreuters.com@reuters.net))