Gold edges higher on virus fears, China-U.S. tensions
· Gold inched higher on Wednesday, holding firm above the key level, as worries over surging coronavirus cases and simmering China-U.S. tensions lifted demand for the safe-haven metal.$1,800
· Spot gold was up at per ounce by GMT. U.S. gold futures were steady at 0.1%$1,809.410031$1,813.70.
· Coronavirus cases continue to rise in the United States. With more than million cases, it has one of the highest rates of cases per capita in the world.3.3
· Many U.S. states have temporarily halted the reopening of their economies in order to curtail the outbreak, which has infected more than million people worldwide so far.13
· Federal Reserve officials warned on Tuesday the U.S. economy faces a longer recovery from the pandemic, and economic pain could still worsen as cases mount.
· U.S. President Donald Trump signed legislation and an executive order to hold China “accountable” for the national security law it imposed on Hong Kong.
· Trump also shut the door on “Phase ” trade negotiations with China, saying he does not want to talk to Beijing about trade because of the coronavirus pandemic.2
· The Bank of Japan is expected to hold steady on policy after Wednesday’s meeting, but investors will be gauging its economic projections and any reassurances of additional stimulus if needed.
· Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement.
· Palladium rose to $,per ounce, platinum gained to $and silver climbed to $0.6% 1971.49 0.6% 831.03 0.3% 19.26.
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