Gold prices jumped in early trade on Monday after another emergency rate cut by the U.S. Federal Reserve, before paring gains as some investors sold the metal for cash amid a sell-off in equities.
Spot gold was up 0.9% at $1,543.60 per ounce by 0248 GMT, having risen as much as 2.8% earlier. The metal fell 3% on Friday. U.S. gold futures rose 1.8% to $1,544.20 per ounce.
Prices rose initially due to the surprise Fed rate cut, said CMC Markets analyst Margaret Yang Yan, adding that: "The market is very indecisive and there are divergent opinions. Investors are now dumping everything. They just want cash."
The Fed slashed rates back to near zero, restarted bond buying and joined with other central banks to help put a floor under a rapidly disintegrating global economy amid the escalating coronavirus pandemic.
Following the Fed's footsteps, the New Zealand central bank slashed rates to a record low, while European Union finance ministers plan to agree on a coordinated economic response.
Among other precious metals, palladium fell 3.2% to $1,748.63 per ounce, having fallen more than 5% earlier in the session, while platinum slipped 0.4% to $758.50. Silver gained 0.4% to $14.74 per ounce.
MCX Tips
Commodity Tips
MCX Tips Provider
For More Info Call 62329-88986 ✆ -0731-4974186
Visit Here: www.thegrssolution.com
Spot gold was up 0.9% at $1,543.60 per ounce by 0248 GMT, having risen as much as 2.8% earlier. The metal fell 3% on Friday. U.S. gold futures rose 1.8% to $1,544.20 per ounce.
Prices rose initially due to the surprise Fed rate cut, said CMC Markets analyst Margaret Yang Yan, adding that: "The market is very indecisive and there are divergent opinions. Investors are now dumping everything. They just want cash."
The Fed slashed rates back to near zero, restarted bond buying and joined with other central banks to help put a floor under a rapidly disintegrating global economy amid the escalating coronavirus pandemic.
Following the Fed's footsteps, the New Zealand central bank slashed rates to a record low, while European Union finance ministers plan to agree on a coordinated economic response.
Among other precious metals, palladium fell 3.2% to $1,748.63 per ounce, having fallen more than 5% earlier in the session, while platinum slipped 0.4% to $758.50. Silver gained 0.4% to $14.74 per ounce.
MCX Tips
Commodity Tips
MCX Tips Provider
For More Info Call 62329-88986 ✆ -0731-4974186
Visit Here: www.thegrssolution.com
0 Comments