2020.10.2110:46:00UTC+00Gold Prices Rise On Weaker Dollar

Gold prices rose on Wednesday to hit a one-week high and the dollar weakened on hopes that U.S. lawmakers could reach a stimulus compromise by the end of the week.

Spot gold rose 0.6 percent to 1,917.94 per ounce, while U.S. gold futures were up 0.3 percent at $1,921.45.

The dollar index fell to a one-month low against its rivals after the White House and Democratic Party negotiators said they are willing to continue their discussions over U.S. stimulus measures, raising hopes the relief bill can get through Congress before election day.

While House Speaker Nancy Pelosi downplayed the importance of an end-of-Tuesday deadline she had set to strike an agreement, President Donald Trump said he was willing to accept a large aid bill despite opposition from his Republican Party.

Pelosi said on Bloomberg TV that legislators are starting to commit the measure to paper, but cautioned "Legislation is tough."

Senate Majority Leader Mitch McConnell signaled a willingness to bring a bill passed by the House, and supported by President Trump, to the floor at some point.