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Gold rises 1% as virus risks boost hopes for rate cut

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BENGALURU (REUTERS) - Gold rose more than 1 per cent on Monday (March 2), rebounding from a steep decline across precious metals in the previous session, amid investor hopes the United States Federal Reserve will cut interest rates to cushion the impact of the fast-spreading coronavirus.. Read more at straitstimes.com.

BENGALURU - Gold rose more than 1 per cent on Monday , rebounding from a steep decline across precious metals in the previous session, amid investor hopes the United States Federal Reserve will cut interest rates to cushion the impact of the fast-spreading coronavirus.US gold futures rose 2.5 per cent to US$1,606.00.

"On Friday, the US Federal Reserve board hinted they're going to be dropping interest rates and that's a great thing for gold right off the bat," said Mr Stephen Innes, chief market strategist at financial services firm AxiCorp. "The dollar is weaker, the euro strengthened, and this gold will go up," Mr Innes said, adding the negative correlation between the US currency and the yellow metal has materialised again since the dollar's safe-haven appeal has faded.

Meanwhile, factory activity in China contracted at the fastest pace ever in February, even worse than during the global financial crisis, data showed on Saturday, highlighting the damage from the outbreak.

 

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