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Gold Gains as Bleak Economic Outlook Stokes Safe-Haven Demand


Wednesday, 20 May 2020 11:35 WIB

GOLDEMAS


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Gold prices gained on Wednesday as bleak data from major economies reflected the fallout from the coronavirus crisis, while the initial euphoria over a potential Covid-19 vaccine fizzled and gave way to safe-haven demand.

Spot gold was up 0.2% to $1,747.19 per ounce, as of 02:56 GMT. U.S. gold futures rose 0.4% to $1,753.30.

In testimony before the U.S. Senate Banking Committee, Federal Reserve Chair Jerome Powell said the Fed was looking at extending access to the credit facilities to additional borrowers, including states with smaller populations.

Source : Reuters


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