Globally: Gold records a month’s peak supported by new stimulus measures

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Gold prices rose more than 2.5 percent to their highest levels in the month on Thursday after the US Federal Reserve announced a massive stimulus to combat the economic repercussions of the Corona virus pandemic.By 1731 GMT, the spot price of gold was up 2.5 percent to $ 1686.85 an ounce, after earlier hitting its highest levels since March 9 at $ 1690.03. The metal is 4.2 percent higher this week.

And US futures rose 4.1 percent to set the settlement price at 1752.80 dollars.

“The Reserve Board launched a new shell from its arsenal, providing great assistance to SMEs as well as municipalities,” said Tai Wong, director of trading of industrial and precious metal derivatives at BMO.

“Gold is going up because this monetary generosity will have to be restored in the end and that may coincide with sudden higher inflation sometime in the future.”

In other metals, palladium rose 0.2 percent to 2179.13 dollars an ounce, and platinum advanced 2.5 percent to 748.10 dollars, while silver increased 2.6 percent to 15.44 dollars an ounce, and gains of six percent since the beginning of the week.







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