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Gold off near 1-week low as vaccine trials, stimulus talks stall
Gold prices steadied after tumbling to a near 1-week low earlier in the session as lack of an agreement on additional U.S. fiscal stimulus helped the dollar stay firm.
Spot gold was trading 0.2 percent higher at $1,894.13 per ounce by 0733 GMT, having hit a low of $1822.43 earlier, its lowest since October 8. The safe-haven metal fell 1.6 percent in the previous session. U.S. gold futures were trading 0.2 percent up at $1,897.60.
The dollar index held on to gains after bouncing off a 3-week low the prior session, supported by renewed questions over a COVID-19 vaccine and an impasse in U.S. fiscal aid package talks.
Johnson & Johnson said on Tuesday it is pausing a clinical trial of a coronavirus vaccine and Eli Lilly and Co also said it paused a coronavirus antibody treatment.
Also weighing on sentiment, hopes for the passage of a new coronavirus relief package faded as U.S. House Speaker Nancy Pelosi rejected a $1.8 trillion relief proposal from the White House.
On Tuesday, Senate Majority Leader Mitch McConnell said the Republican-led Senate would vote next week on a targeted, $500-billion aid bill, while Democrats hold out for trillions in relief.
The bid tone around the safe-haven metal weakened following the International Monetary Fund's statement that forecasts for the global economy were somewhat less dire as wealthy countries and China rebounded more quickly than expected from coronavirus lockdowns.
The greenback against a basket of currencies traded 0.1 percent up at 93.62, having touched a low of 93.01 on Monday, its lowest since September 21. The U.S. Treasury yields declined, with the benchmark 10-year note yield trading at 0.722 percent and the 30-year yield at 1.507 percent.