Gold Edges Up as US Warning Heightens Virus Concerns
Wednesday, 26 February 2020 19:13 WIB | PRECIOUS METALS |EMASGOLD

Gold rebounded on Wednesday, a day after it posted its biggest one-day decline in nearly four months, as the coronavirus scare triggered safe-haven flows towards bullion and raised hopes of interest rate cuts by major central banks.

Spot gold rose 0.8% to $1,647.89 per ounce by 1053 GMT, having slumped as much as 1.9% in the previous session as investors took profits. U.S. gold futures were steady at $1,650.30.

Investors have pushed up expectations for rate cuts from the U.S. Federal Reserve and European Central Bank. China™s central bank has also vowed it will take further steps to support the virus-hit economy.

Gold is up more than 3% so far this month, having hit a 7-year high of $1,688.66 an ounce earlier this week as the rapidly spreading coronavirus aggravated fears of an economic slowdown.

Source : Reuters

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