Gold rose on Wednesday, holding above $1,600 per ounce, as worries over the new coronavirus and its impact on global growth boosted safe-haven demand, while palladium continued its record run driven by short supplies of the metal.
Technical Resistance: 1616/1626
Technical support: 1594/1584
S&P 500, Nasdaq hit record closing highs, lifted by China stimulus hopes
The S&P 500 and Nasdaq rose to record closing highs on Wednesday as optimism that China would take more measures to prop up its economy eased concerns about the economic impact of the coronavirus epidemic.
U.S. producer prices post biggest gain in more than a year
U.S. producer prices increased by the most in more than a year in January, boosted by rises in the costs of services such as healthcare and hotel accommodation. The Labor Department said on Wednesday its producer price index for final demand jumped 0.5% last month, the largest gain since October 2018, after climbing 0.2% in December.
Fed policymakers cautiously optimistic on U.S. economy despite new risks, minutes show
Federal Reserve policymakers were cautiously optimistic about their ability to hold interest rates steady this year, minutes of the central bank’s last policy meeting showed, even as they acknowledged new risks caused by the coronavirus outbreak.
Source: Bloomberg, CNBC, Reuters