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Metals Stocks: Gold settles higher on renewed prospects for another round of U.S. stimulus

October 8, 2020

Gold rose Thursday to stage a partial rebound from a more than one-week low a day earlier, buoyed by optimism over the renewed prospects for some sort of U.S fiscal stimulus.

Prices held onto their gains after data on Thursday showed a larger-than-expected reading on U.S. first-time jobless claims.

Gold sank when President Donald Trump pulled the plug on fiscal stimulus negotiations with Congress, reducing the prospect of more reflationary deficit spending, but the precious metal has found support as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin “talk about airline rescues and Trump says he wants more $1,200 [stimulus] checks, Adrian Ash, director of research at BullionVault, told MarketWatch.

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