⁍ Gold rose on Wednesday, propped up by a softer dollar and increasing hopes for a new U.S. coronavirus relief package.

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⁍ The dollar index was down 0.1% against rivals.

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⁍ The White House and Democrats in the U.S. Congress moved closer to agreement on a fresh coronavirus aid.

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– Gold prices rose on Wednesday, propped up by a softer dollar and increasing hopes for a new US coronavirus relief package ahead of the November elections, Reuters reports. The White House and Democrats in the US Congress moved closer to agreement on a fresh coronavirus aid as President Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party. Gold is considered a hedge against inflation and currency debasement amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic. The current rise in US infections may not dent the recovery too much, Chicago Federal Reserve Bank President Charles Evans said, adding he remains ‘reasonably optimistic’ unemployment will fall to 5.5% by the end of next year. A frustrated European Union and piqued Britain both exhorted the other to compromise to avoid a fast-approaching disruptive finale to the five-year Brexit drama that would add to economic pain from the coronavirus crisis.