HONG KONG, July 28 — Gold briefly chalked up another record today before easing later in the day as the dollar clawed back earlier losses, while equity markets struggled to hold on to gains with fears about the coronavirus pandemic mounting. With worrying new spikes in infections in Asia and...
Pedestrians walk in front of a quotation board displaying share prices of the Tokyo Stock Exchange in Tokyo May 1, 2020. — AFP pic
The virus uncertainty descending on trading floors, combined with China-US tensions, sent gold soaring nearly 30 per cent and today it hit another record of US$1,981.27 , smashing the previous day’s all-time high, but it later pared the advance to sit lower for the day. “Although little is expected on policy, Powell’s tone in the press conference will be key especially in light of the recent uptick in virus cases and the knock-on consequences,” said AxiCorp’s Stephen Innes.
“As Covid-19 continues to ravage the economy, there’s probably more stimulatory action to come. As the US dollar weakens, obviously gold will improve, but it’s more a matter of the acceleration of US money supply, and that’s caused by governments obviously throwing money into the economy.”There are hopes US lawmakers can hammer out a new economy-boosting stimulus programme as their previous multi-trillion-dollar package begins to dry up.
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