Gold jumps over 1%, propelled by hopes of stimulus boost [Reuters]
U.S. Global Investors, Inc. - Class A (GROW)
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Source: Reuters
Gold jumps over 1%, propelled by hopes of stimulus boost (Reuters) - Gold prices jumped 1% on Wednesday on hopes for more fiscal and monetary stimulus measures amid massive economic damage due to stay-at-home and business shutdown orders around the world to limit the spread of the novel coronavirus. Spot gold climbed rose 1.24 % to $1,706.68 per ounce at 11:05 a.m. EDT (1505 GMT), which could be its biggest daily gain in a week. U.S. gold futures jumped 2.4% to $1,728.00. “This is the perfect storm for gold... Perpetual buyer is buying gold because of all the global stimulus going on,” said Michael Matousek, head trader at U.S. Global Investors. “Gold is in a bull market. You’ll be hard pressed to find something else that has this type of price action and this trend going on right now so you naturally have people gravitating towards it.” Gold tends to benefit from widespread stimulus measures from central banks, as it is often seen as a hedge against inflation and currency debasement.
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