Gold rose on Thursday as expectations of central banks keeping interest rates low and uncertainties around the economic impact of the coronavirus epidemic fueled appetite for the safe-haven metal.
Technical Resistance: 1571/1582
Technical support: 1537/1518
Wall St. reaches new highs as China moves to limit coronavirus impact
U.S. stocks gained for a fourth straight session on Thursday and Wall Street’s main indexes hit record highs as concerns eased over the economic fallout from the coronavirus outbreak in China. The dollar traded near a two-week high versus the yen on Friday on upbeat U.S. economy indicators ahead of key jobs data.
China to halve tariffs on some U.S. imports as coronavirus risks grow
China on Thursday said it would halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 deal that defused a bruising trade war between the world’s two largest economies.
India central bank holds rate steady, seeks to balance growth and inflation risks
The Reserve Bank of India (RBI) held rates steady on Thursday and retained an accommodative policy stance as it sought to support faltering growth and avoid stoking already high inflation levels. The central bank has its work cut out as the economy is forecast to grow 5% in the year ending in March, its weakest pace in 11 years.
Source: Bloomberg, CNBC, Reuters