Gold futures are swinging between gains and losses Tuesday morning, with traders looking for direction.

Traders are looking ahead to the U.S. Senate vote on a proposal by President Donald Trump who demands to increase the amount of coronavirus relief checks from $600 to $2,000. The House of Representatives voted in favor of the proposal on Monday. It now goes to the Republican-dominated Senate for approval.

The dollar’s weakness in contributing a bit to gold’s slight uptick. The dollar index, which slid to 89.98, is now at 90.05, down 0.32% from previous close.

Gold futures for February are up $1.60 or about 0.1% at 1,882.00 after advancing to a high of 1,887.80.

The volume of business is rather thin once again, due to upcoming holidays.

On the economic front, data on homp price index for the month of October is due out at 9:00 AM ET. The S&P/Case-Shiller Home Price Index for September came in with a reading of 226.80.

The material has been provided by InstaForex Company – www.instaforex.com

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