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Gold price loses momentum with US runoffs in focus
Gold rally hits a pause. Credit: Hatoriz Kwansiripat | Flickr

Gold prices declined from a near eight-week high on Wednesday as investors await the outcome of US Senate runoff elections in Georgia, which could affect the prospects for more fiscal stimulus, and thus for gold.

Spot gold fell 2.2% to $1,905.30 per ounce by 11:50 a.m. EST, having gone as high as $1,958.90 per ounce earlier in the session. US gold futures were down 2.4% in New York.

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Gold rally hits a pause. Credit: Hatoriz Kwansiripat | Flickr

Gold prices declined from a near eight-week high on Wednesday as investors await the outcome of US Senate runoff elections in Georgia, which could affect the prospects for more fiscal stimulus, and thus for gold.

Spot gold fell 2.2% to $1,905.30 per ounce by 11:50 a.m. EST, having gone as high as $1,958.90 per ounce earlier in the session. US gold futures were down 2.4% in New York.

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