The U.S. stimulus talks take center stage Tuesday, which reportedly marks the last deadline for stimulus to get approved before the election, according to Commerzbank. "There was talk among Democrats of some rapprochement between the two sides. This evening will apparently determine whether the aid package can be approved before the presidential elections in two weeks' time, so the market will no doubt follow the talks in Washington very closely," writes Commerzbank analyst Daniel Briesemann. If a deal is made, gold will benefit as the U.S. dollar depreciates, Briesemann adds. At the same time, Asian gold demand remains muted, which is weighing on prices. "According to [September] data from the customs authorities, Switzerland exported a mere 5 tons of gold to India and just 1.5 tons to China. This destroyed the previous month's tender buds of hope that gold demand might recover to some extent at least in these two countries. The gold price continues to find no support from this side, in other words," the analyst notes. This means that for gold to resume its climb higher, it needs investment demand. "This was at least still the case in September, as can be seen from the nearly 54 tons of inflows into the gold ETFs tracked by Bloomberg. Accordingly, Switzerland exported just shy of 51 tons of gold to the U.K. last month, which is significantly more than in August. That said, exports to the U.S., which is home to the world's largest gold ETF, declined further," Briesemann writes.
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