Gold edges higher as US stimulus slows sales for cash

Gold bars and others precious metals are pictured at the Agosi factory in Pforzheim, southwestern Germany. Picture: AFP/PATRICK HERTZOG

Spot gold rose 0.1% to $1,529.69/oz by 0305 GMT, having risen about 1% earlier in the session. US gold futures gained 0.3% to $1,530.80/oz. The US Federal Reserve said on Tuesday it would reinstate a funding facility used during the 2008 financial crisis to get credit directly to businesses and households as fears over a liquidity crunch due to the virus have grown in recent days. Meanwhile, the Trump administration pursued a $1-trillion stimulus package that could deliver $1,000 cheques to Americans within two weeks to cushion the economy.

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