According to Angel Broking, On Wednesday, spot gold rose by 0.69 percent to close at $1576.7 per ounce after equities closed negative and the US FED decided to keep interest rates unchanged in their latest monetary policy meeting held yesterday.
Angel Broking's report on Gold
On Wednesday, spot gold rose by 0.69 percent to close at $1576.7 per ounce after equities closed negative and the US FED decided to keep interest rates unchanged in their latest monetary policy meeting held yesterday. Yields on the 10-year Treasury note dipped to their lowest since October. 10 as the corona virus impact might hamper the global growth. The United States Federal Reserve held interest rates steady at 1.5- 1.75% at its first policy meeting of the year, with officials pointing to continued moderate US economic growth and a "strong" job market. However, addressing a press conference, Powell warned that not only would the coronavirus likely hit China's economy, but that it could also spill over into the US.
The new virus outbreak which has spread to various nations might continue to weigh on the market sentiments and support Gold prices. On the MCX, gold prices are expected to trade sideways today.
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