12/30/2020 8:09:10 AM GMT | By Haresh Menghani
Gold failed to preserve modest intraday gains and edged lower during the early European session.
The prevalent upbeat market mood was seen as a key factor weighing on the safe-haven metal.
The heavily offered tone surrounding the USD might help limit deeper losses for the commodity.
Gold witnessed some selling during the early European session and has now retreated to the lower end of its daily trading range, just below the $1880 level.
The precious metal struggled to capitalize on its early uptick, instead witnessed some selling near the $1886-87 region amid the prevalent upbeat market mood. The already strong global risk sentiment got an additional boost after UK regulators approved the use of the AstraZeneca/Oxford coronavirus vaccine.
(Photo : Cheriss May/Getty Images) Senate Majority Leader Mitch McConnell (R-KY) walks to his office after leaving the Senate Floor at the U.S. Capitol on December 21, 2020 in Washington, DC.
Senate Majority Leader Mitch McConnell on Tuesday blocked an attempt by House Democrats to increase the amount of the recently passed stimulus checks from $600 to $2,000.
McConnell objected after Senate Minority Leader Chuck Schumer asked for a unanimous vote on the stimulus checks increase with the House on Monday.
The increase was part of the demands of President Donald Trump who said the current amount allotted for the stimulus checks was too small and should be set at $2,000, reported New York Post.
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(Adds context, comment from Schumer) By David Morgan and Susan Cornwell WASHINGTON, Dec 29 (Reuters) - Senate Majority Leader Mitch McConnell on Tuesd.