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2020.04.0710:41:00UTC+00Gold Prices Mixed In Cautious Trade

Gold prices were trading mixed on Tuesday as a slight slowing of the spread of the coronavirus disease offered some hope.

Spot gold dropped half a percent to $1,654.32 an ounce, while U.S. gold futures were up 0.45 percent at $1,701.60 an ounce.

Despite continued spread of the disease, the number of new infections and fatalities started to slow down, especially in Europe and Asia.

China reported zero new Covid-19 deaths for the first time since January, though the National Health Commission reported 32 new cases across the country, all of which were arrivals from another country. There were also 30 new asymptomatic cases

Globally, the number of people diagnosed with the virus now exceeds 1.3 million. More than 74,500 people have died while nearly 285,000 have recovered, according to data compiled by Johns Hopkins University.

Investors look for more central bank and government stimulus to counter the economic fallout from the pandemic.

After declaring a month-long state of emergency for Tokyo and six other prefectures, the Japanese government is expected to approve a coronavirus stimulus package totaling 108 trillion yen, or equal to 20 percent of Japan's GDP.

Singapore announced an additional S$5.1 billion (US$3.6 billion) stimulus to save jobs and protect the livelihoods of people amid the spread of coronavirus.

This is the third stimulus package, which was unveiled by Deputy Prime Minister Heng Swee Keat, and covers wage subsidies and cash payout.

European finance ministers will meet for a videoconference today and it is likely that they will agree on a framework for delivering financial support to the countries worst hit by the pandemic.

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