U.S. Tries to Curve Economic Impact of Coronavirus
APMEX
3/5/2020 12:06:54 PM
Gold rose more than 1.5% on Monday, recovering from its biggest one-day decline in nearly seven years last week, on the potential for interest rate cuts by the U.S. Federal Reserve to reduce the economic impact from the coronavirus outbreak. Palladium rose 2.4%, having plunged as much as 13% last week for its biggest one-day decline since the 2008 financial crisis. Global equity markets fluctuated unpredictably in volatile trade and Gold prices rose more than 3% on Tuesday after the Federal Reserve cut interest rates in an emergency move to shield the U.S. economy from the impact of the coronavirus. Gold was little changed on Wednesday, a day after its biggest percentage gain since June 2016 on the U.S. Federal Reserve’s surprise rate cut, as investors awaited further direction from other major central banks and governments. Palladium fell over 2.5%, along with Platinum, which dipped .1%.
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