Gold Up, Boosted by Halted COVID-19 Treatment, U.S. Stimulus Hopes By

© Reuters.

By Gina Lee – Gold was up on Wednesday morning in Asia, as hopes that the latest U.S. stimulus measures would be passed by Congress before the Nov. 3 presidential election, and a COVID-19 treatment would be launched quickly, were dashed.

edged up 0.17% at $1,897.75 by 12:53 AM ET (4:53 AM GMT), remaining below the $1,900 mark. The was up on Wednesday.

House of Representatives Speaker Nancy Pelosi stymied hopes for the stimulus measures, rejecting President Donald Trump’s proposed $1.8 trillion package, saying it “falls significantly short of what this pandemic and deep recession demand.”

Tuesday’s news that Eli Lilly and Co. (NYSE:) paused its government-sponsored clinical trial of its COVID-19 antibody treatment a day after Johnson & Johnson (NYSE:) suspended clinical trials for its COVID-19 vaccine on Monday due to a mystery illness in one of the participants, decreased investor risk appetite, with hopes that a COVID-19 treatment would be released soon diminished.

The news, combined with Pelosi’s statement, also caused Asian Pacific stocks to slip on Wednesday.

In Asia, China is also scrambling to contain a COVID-19 cluster in the port city of Qingdao, its first reported cases in months.

During the annual meetings of the International Monetary Fund and World Bank, taking place from Oct. 12 to 18, global finance leaders struck a dire warning on Tuesday that failure to put a lid on COVID-19, maintain stimulus, and address developing nations’ mounting debt will crush the fragile recovery. The number of global COVID-19 cases topped 38 million as of Oct. 14, according to Johns Hopkins University data.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by :

Source link

Capital Media

Read Previous

how it could be done

Read Next

seulement 35,6% des emprunts sur le marché des capitaux ont financé les Etats