Commodity News
HeadLine : Gold extends gains on hopes of U.S. stimulus package
Date : Mar 25 2020
Gold rose for a third straight session on Wednesday, hitting its highest in about two weeks, as positive rhetoric from U.S. lawmakers regarding a stimulus bill to cushion the economic damage from the coronavirus outbreak lifted investor sentiment. Spot gold was up 0.9% at $1,624.18 per ounce, after rising as much as 1.6% to $1,635.79 earlier in the day - its highest since March 12. The metal jumped more than 3% in the previous session. U.S. gold futures GCv1 climbed 1.6% to $1,687.30. Senior U.S. Democrats and Republicans said on Tuesday they were close to a deal on a $2 trillion stimulus package to limit the pandemic's economic toll. Asian shares extended their rally in the wake of Wall Street's big gains as U.S. Congress appeared closer to passing the stimulus package. The United States could become the global epicentre of the virus, the World Health Organization said, as India announced a full 24-hour, nationwide lockdown in the world's second-most populous country. London spot gold prices were far below U.S. gold futures on Tuesday in a sign the market is worried air travel restrictions and precious metal refinery closures will hamper shipments of bullion to the United States to meet contractual requirements.

Source : Investing
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