Gold still near two-week peak on IMF economic growth fears

Bengaluru — Gold held steady near a two-week high on Wednesday as world equities retreated after the International Monetary Fund cut its global growth outlook ahead of the release of minutes from the US Federal Reserve’s March meeting.

“[Gold] seems to be very much stuck at the moment ... part of the issue is most of the developments haven’t really been much of a surprise to the market,” said Capital Economics analyst Ross Strachan, adding that the growth downgrade by the IMF was also widely anticipated. The IMF had said on Tuesday that the global economy is slowing more than expected and a sharp downturn could require world leaders to co-ordinate stimulus measures. Central banks around the world are increasing their gold stockpiles, with China raising its reserves for a fourth straight month in March.

The ECB kept its ultra-easy monetary policy unchanged, as expected, giving recent stimulus measures time to work their way into the economy and counter spreading global gloom.

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