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By Barani Krishnan – Gold’s dazzling three-day rally snapped on Thursday as the dollar recovered from its seven-week low and talks continued to drag on between the White House and rival Democrat lawmakers for a COVID-19 financial relief plan before the U.S. election.

U.S. gold for December delivery settled at $1,904.60, down $24.90, or 1.3%. It had gained 1.3% in three previous sessions on hopes that a new stimulus plan before the Nov. 3 presidential election would boost safe-haven demand for the yellow metal. Gold acts as hedge against inflation and typically rallies in the event of any fiscal deficit or monetary expansion.

Spot gold, which reflects real-time trades in bullion, was down $20.10, or 1%, at $1,904.49 by 3:53 PM ET (19:53 GMT).

The Dollar Index, which pits the greenback against six major currencies, rose by 0.4% to 92.97 after hitting a seven-week low of 92.46 on Wednesday. Gold typically moves opposite to the dollar, and had rallied hard earlier this week as the greenback tumbled.

Hopes for a stimulus deal faded on Thursday as negotiators said distance remained between the White House and the Democratic-led Congress for an agreement, although talks were continuing.

Congress approved a Coronavirus Aid, Relief and Economic Security (CARES) stimulus in March, dispensing roughly $3 trillion as paycheck protection for workers, loans and grants for businesses and other personal aid for qualifying citizens and residents.

Democrats have been locked in a stalemate since with President Donald Trump’s Republican party on a successive package to CARES. The dispute has basically been over the size of the next relief as thousands of Americans, particularly those in the airlines sector, risked losing their jobs without further aid.

But even before Thursday’s development, few had expected a deal to be struck on the relief plan ahead the election, where Trump faces Democrat Joe Biden. A preliminary agreement over the stimulus could have been a campaign point for Trump, who trails Biden in most polls.

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