Gold gains slightly as U.S. stimulus hopes offset cash rush [Reuters]
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Source: Reuters
Gold gains slightly as U.S. stimulus hopes offset cash rush (Reuters) - Gold prices inched up in volatile trade on Wednesday, as growing hopes for a massive U.S. economic stimulus package to stem the coronavirus outbreak’s economic toll offset liquidation by investors looking for cash and to cover losses in other assets. Spot gold was up 0.1% at $1,611.73 per ounce by 0230 GMT, after rising as much as 1.6% earlier in the day. The metal jumped more than 3% in the previous session. U.S. gold futures climbed 0.8% to $1,673.60. Benchmark spot gold prices continued to trade below U.S. gold futures in a sign that the market is worried air travel restrictions and precious metal refinery closures will hamper shipments of bullion to the United States to meet contractual requirements. “Gold has benefited from the expectation of the massive stimulus measures likely to be approved by the United States. Investors feel gold might hold its value,” said John Sharma, an economist at National Australia
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