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Gold firms on dollar slide, U.S. stimulus hopes

Added 10-01-20 01:04:02am EST - “U.S. gold futures inched 0.1% higher to $1,897.30. "There's a bit of relief that the dollar rally has for the most part ended and it seems many investors are more so focused on the headwinds ahead of the global economic recovery,"…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Gold firms on dollar slide, U.S. stimulus hopes”. Below is an excerpt from the article.

(Reuters) - Gold prices edged higher on Thursday as a softer dollar and signs of progress in negotiations over fresh U.S. stimulus measures bolstered the metal's appeal.

Spot gold rose 0.3% to $1,891.10 per ounce by 0334 GMT, starting the new month on a positive note after it slumped to its biggest monthly drop since late 2016 in September.

"There's a bit of relief that the dollar rally has for the most part ended and it seems many investors are more so focused on the headwinds ahead of the global economic recovery," said Edward Moya, a senior market analyst at OANDA in New York.

The dollar index slipped 0.2% against its rivals to hover near a one-week low, making gold less expensive for holders of other currencies.

U.S. Treasury Secretary Steven Mnuchin on Wednesday said talks with House Speaker Nancy Pelosi "made a lot of progress" on the long-awaited COVID-19 relief legislation.

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