Gold prices gave up early gains on Friday after hitting a nearly two-month low in the previous session. Weekly decline was the largest in six weeks.

Spot gold price dropped 0.2% to $ 1,864.21 per troy ounce. Weekly decline of 4.1% pushed the price to the lowest level since mid-August as chances for even dovish Fed stance diminished.

Democrats in the US House of Representatives are working on $ 2.2 trillion stimulus measures that could be voted on next week, a senior US lawmaker said Thursday. But chances to get the deal done since the GOP is ready to discuss much smaller package, around $1 tn. But the threat of a second Covid-19 outbreak and pressure from the Fed is expected to speed up the talks.

Palladium dropped 1.39% to $ 2.195.61 an ounce, while silver slipped 1.07% to $22.96 an ounce. The platinum price dropped 0.2% to $ 847.2.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 76% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.