Gold strengthens as virus lifts hope for rate cut
Fed fund futures show traders expect a 75 basis point rate cut by the US central bank
02 March 2020 - 07:21
Bengaluru — Gold rose more than 1% on Monday, recouping losses from a steep slide in the previous session, amid the fast-spreading coronavirus and hopes for a rate cut by the US Fed.
Spot gold gained 0.9% to $1,599.15 per ounce as of 6.01am, having risen more than 1% earlier in the session. US gold futures rose 2.2% to $1,601.20. Gold plunged more than 4.5% on Friday, with precious metals joining a broader market sell-off as investors liquidated positions to meet margin calls in other assets...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.