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Gold consolidates as investors await news on Trump's health

Gold prices consolidated within narrow ranges, as investors sought more clarity on developments in U.S. President Donald Trump’s health after he was tested positive for COVID-19 last week.

Spot gold was trading flat at $1,899.84 per ounce by 0926 GMT, having hit a high of $1917.16 on Friday, its highest since September 22. U.S. gold futures were down 0.2 percent at $1,904.40.

The dollar declined against its rival currencies, while equity markets rose on hopes that Trump could be discharged from hospital later in the day.

Trump was flown to hospital for treatment for the coronavirus on Friday, adding to political uncertainty ahead of the November 3 election.

Doctors treating Trump said they are pleased with his progress. Relief about his health has fuelled risky assets as investors prepare for the run-up to next month’s U.S. presidential election.

Moreover, growing expectations that U.S. Congress will pass a stimulus package aimed to cushion the economic blow from the pandemic also boosted investor risk sentiment.

U.S. House Speaker Nancy Pelosi on Sunday said progress was being made on coronavirus relief legislation but had earlier flagged key areas of disagreement.

The greenback against a basket of currencies traded 0.2 percent down at 93.61, having touched a low of 93.53 on Thursday, its lowest since September 22. The U.S. Treasury yields rallied, with the benchmark 10-year note yield trading at 0.714 percent and the 30-year yield at 1.519 percent.

Investors now await the upcoming vice president presidential debate on Wednesday and the U.S. service PMI by both Markit and ISM due later in the day.

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