Gold prices hovered around $1,890 an ounce on Wednesday, down from 3-week highs reached on Monday, amid a stronger dollar and as investors await developments around a new US fiscal stimulus. Meanwhile, the IMF said that the global economic fallout caused by the coronavirus is set to be less severe than initially feared. The US economy is expected to shrink 4.3% in 2020, much less than an initial estimate of an 8% back in June. Still, gold’s long-term outlook remains bullish amid expectations of a prolonged period of ultra-low interest rates coupled with the uncertainty over the economic recovery due to a recent spike in Covid-19 cases across major economies.