Commodity News
HeadLine : Gold rises over 1% as U.S. Fed ramps up support measures
Date : Mar 24 2020
Gold prices rose on Tuesday, following a near 4% jump in the previous session after the U.S. Federal Reserve announced unprecedented measures to support an economy which is reeling from the coronavirus pandemic. Spot gold  climbed 1.7% to $1,578.83 per ounce. The metal rose 3.7% on Monday, its highest percentage gain since June 2016. U.S. gold futures GCv1 rose 1.6% to $1,592.20 per ounce. The Fed will back purchases of corporate bonds, backstop direct loans to companies and will "soon" roll out a program to get credit to small and  medium-sized business. Asian shares were set to rally as the U.S. central bank pledged to help the economy from a fallout.President Donald Trump said on Monday he is considering how to reopen the U.S. economy when a 15-day shutdown ends next week, even as the coronavirus spreads rapidly. Global central banks also took various measures to mitigate the damage of the outbreak, with Australia's central bank proposing to buy $2.35 billion in government bonds, while Germany agreed for a package worth up to $808 billion. Three of the world's largest gold refineries said on Monday they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the virus.   

Source : Investing

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