empty
 
 

2020.03.1610:56:00UTC+00Gold Prices Fall As Dollar Strengthens

Gold prices fell on Monday and the dollar strengthened as policymakers around the world moved to limit the impact of the coronavirus outbreak.

Spot gold fell 1.7 percent to $1,503.81 per ounce, after having fallen 3 percent on Friday. U.S. gold futures were down 0.8 percent at $1,504.25 per ounce.

The U.S. Federal Reserve cut interest rates to almost zero in another emergency move to shore up the world's largest economy.

It is part of a coordinated action announced on Sunday in the U.K., Japan, eurozone, Canada, and Switzerland.

The U.S. central bank also unveiled a massive asset-buying program, similar to measures put into place during the global financial crisis.

Earlier today, New Zealand's central bank followed suit by slashing interest rates by 75 basis points to a record low in an attempt to cushion the economic blow.

The People's Bank of China offered CNY 100 billion or $14.3 billion into the financial system via one-year medium-term lending facility today, but kept its borrowing cost unchanged.

The central bank last week had reduced the reserve requirement ratio by 50-100 basis points for qualifying banks to shore up the economy hit by the outbreak of covid-19.

The Bank of Japan today unveiled a series of emergency monetary policy measures to shore up the world's third-largest economy, as the coronavirus pandemic threatens a global recession.

In Australia, the Reserve Bank pumped extra liquidity into the banking system to ensure businesses and households have access to credit amid the coronavirus outbreak.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback