Bengaluru — Gold prices fell slightly on Thursday, after hitting their highest level since March 2013 in the previous session, as Chinese stimulus measures to cushion the economic effect of the coronavirus outbreak stoked investors to opt for riskier assets.
It seems to be a bit more corrective mostly because … it’s not just in gold that we are seeing a bit of a walk back in risk-off dynamics, but across a variety of assets,” said DailyFx currency strategist Ilya Spivak. In line with market expectations, China cut its benchmark lending rate to support an economy hit by the epidemic. “Though China’s announcement may give us some fireworks in the near-term, most of global transaction are done in US dollar, so what matters here is what the Federal Reserve is doing,” Spivak said.
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