Gold falls as investors turn to the dollar to shelter from the troubles of "Corona"

Gold descended today, hovering from a more than two-month low it reached in the previous session, as investors turned to the dollar to shelter from an increase in cases of Coronavirus and uncertainty regarding the upcoming US stimulus package to support the economy.

Spot gold fell 0.2 percent to $ 1864.39 an ounce by 1749 GMT, while US gold futures were settled down 0.6 percent to $ 1866.30 an ounce.

On a weekly basis, gold is down by about 4.4 percent so far, the highest rate in at least six weeks, as the dollar is heading to record its best weekly performance since early April. 

A higher dollar makes the commodities priced in it, such as gold, more expensive for buyers who use other currencies.

A senior lawmaker had said that Democrats in the US House of Representatives are working on a $ 2.2 trillion coronavirus-related stimulus package, and a vote may take place next week.

The Federal Reserve spoke this week about the importance of providing more fiscal stimulus, as investors worried about a new blow to the economy from the Coronavirus pandemic. 

As for other precious metals, platinum slid 0.1 percent to $ 847.81, while silver fell 0.8 percent to $ 23.02 an ounce.

Al Maaden is on track to record its worst weekly performance since March 20. 

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