Gold gains on hopes for U.S. stimulus

Gold last traded at $1,902 an ounce. Silver at $23.75 an ounce

NEWS SUMMARY: Precious metal prices steadied Friday amid rising political and economic uncertainty. U.S. stocks fell after news that President Donald Trump and First Lady Melania Trump tested positive for coronavirus.

 CNBC---"Gold prices jumped over 1% on Thursday to surpass the key $1,900 level on renewed hopes for a U.S. stimulus package that could help ease the economic pain from the coronavirus, while a easing dollar further boosted the safe-haven metal....Investors were eyeing talks between U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin to reach a deal on the long-awaited COVID-19 relief bill. 'If there's a deal, chances are stimulus will reignite the idea that inflation will move towards the Federal Reserve's target,' which along with the interest rate suppression policy by the Fed are very good catalyst for gold, said Bart Melek, head of commodity strategies at TD Securities. He added, the breakthrough in the psychological barrier of the $1,900 level can further drive the market technically a little higher. The dollar fell to a more than one week low versus rivals, making gold cheaper for holders of other currencies. Meanwhile, U.S. manufacturing activity unexpectedly slowed in September as new orders retreated, while U.S. weekly jobless claims remained at recession levels, further bolstering the metal's safe haven appeal."