Gold prices rose earlier on Monday in Asian trading after investors flocked to the safe-haven asset amid a strengthening Dollar strengthened and the stalling of talks over the latest U.S. stimulus measures.
Gold futures gained 0.37%, trading at $1933.35 per ounce at 12:08 AM ET (4:08 AM GMT), its highest since September 21, which traded at $1,932.96. The Dollar also saw gains on Monday.
On Friday, investors digested President Donald Trump’s proposed package of $1.8 trillion during talks with House of Representatives Speaker Nancy Pelosi. Although closer to the Democrats’ preferred price tag of $2.2. trillion, some of Trump’s fellow Republicans are reluctant to add to the growing U.S. debt pile ahead of the Nov. 3 presidential elections.
On Sunday, as resistance to a broader package mounted, the Trump administration called on Congress to pass a stripped-down COVID-19 relief bill to be funded by an expired small business loan program.
Meanwhile, physical gold in India also saw additional gains. Jewelers sold physical gold sold at a premium during the previous week for the first time since mid-August, ahead of key festivals in the country that could entice customers back into jewelry stores.