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Gold Drops as Investors Weigh Stimulus Prospects, Virus Cases

  • Pandemic relief deal remains elusive ahead of Nov. 3 election
  • U.S. posts record coronavirus cases for a second straight day
One-kilogram gold bars at a Tanaka Holdings in Tokyo.
One-kilogram gold bars at a Tanaka Holdings in Tokyo.Photographer: Akio Kon/Bloomberg
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Gold declined to trade near $1,900 an ounce as investors weighed fading prospects for a U.S. stimulus deal, while the country reported record coronavirus infections for the second day in a row.

House Speaker Nancy Pelosi said the chamber could pass a plan this week, though a deal with the White House remains elusive and the Republican-led Senate might not act before the election. Speculation about a package has helped Treasury yields rise in recent weeks, dulling bullion’s allure.