GOLD PLUMMETS AFTER TRUMP ANNOUNCES INTENTION TO PASS ON FISCAL STIMULUS BILL

GOLD PLUMMETS AFTER TRUMP ANNOUNCES INTENTION TO PASS ON FISCAL STIMULUS BILL

GOLD PLUMMETS AFTER TRUMP ANNOUNCES INTENTION TO PASS ON FISCAL STIMULUS BILL

• Gold drop more than 1% on the session as a wave of selling pressure kicks in.

• US President Trump announces on Twitter he will not be taking the latest fiscal deal.

Fundamental backdrop

Donald Trump has taken to Twitter to confirm he will not be looking to accept the latest negotiated deal between the Democrats and Republicans regarding fiscal stimulus. The Democrats wanted a deal worth USD 2.6 trillion but Trump said:

Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.