Commodity News
HeadLine : Gold eases on profit-taking, but poised for best week in 11 years
Date : Mar 27 2020
Gold eased on Friday as some investors booked profits after prices hit a two-week high in the last session amid hopes for further stimulus to curb the coronavirus' economic toll, but the metal was headed for its best weekly gain in more than 11 years. Spot gold slipped 0.5% to $1,621.07 per ounce, having risen to its highest since March 12 on Thursday. The metal was up 8.2% for the week, its biggest since December 2008, on weak U.S. unemployment data and the Federal Reserve's unprecedented economic stimulus measures. U.S. gold futures fell 0.8% to $1,638.80. Asian stocks rose as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus outbreak after U.S. unemployment filings surged to a record. The number of Americans filing claims for unemployment benefits surged to a record of over 3 million last week as strict measures to contain the virus brought the country to a sudden halt.  Leaders of the Group of 20 major economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and "do whatever it takes to overcome the pandemic." The British government will pay grants to self-employed people who have lost their livelihoods because of the virus lockdown, further extending an unprecedented package of measures to prevent the economy from collapsing.

Source : Investing
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