Oct 22 (Reuters) - Gold edged lower on Thursday as the
dollar recovered from a seven-week trough and some concerns
emerged that an agreement on a new U.S. fiscal coronavirus aid
package will not be reached until after the presidential
election.
FUNDAMENTALS
* Spot gold XAU= fell 0.2% to $1,920.86 per ounce by 0123
GMT, retreating from a more than one-week high of $1,931.01 hit
in the previous session.
* U.S. gold futures GCv1 were down 0.3% to $1,924.30 per
ounce.
* Stimulus talks between U.S. lawmakers faced a setback on
Wednesday when President Donald Trump accused the Democrats of
being unwilling to craft a compromise on aid, despite reports of
some progress earlier in the day. * The economic recovery is uneven and uncertain and will
require continued support to ensure it becomes broad-based and
sustainable, U.S. Federal Reserve Governor Lael Brainard said on
Wednesday, emphasising the need for additional fiscal support.
* Gold is considered a hedge against inflation and currency
debasement.
* The dollar index steadied after hitting a seven-week low,
dimming bullion's appeal for other currency holders. USD/
* Britain will resume talks with the European Union on
Thursday, marking a new push by the two sides to protect
billions of dollars worth of trade from the beginning of next
year. * Gold could touch new highs next year, even as its
record-breaking rally slows to average less than $2,000 dollars
an ounce, a Reuters poll showed. * Holdings of SPDR Gold Trust GLD , the world's largest
gold-backed exchange-traded fund, fell 0.1% to 1,269.35 tonnes
on Wednesday from 1,269.93 tonnes on Tuesday. * Silver XAG= fell 0.4% to $24.96 per ounce, while
platinum XPT= rose 0.2% to $887.74 and palladium XPD= was up
0.1% at $2,406.28.
DATA/EVENTS (GMT)
1230 US Initial Jobless Weekly Claims
1400 US Sept. Existing Home Sales
1400 EU Oct. Consumer Confidence Flash