Gold prices steadied on Thursday in Asia as China said its cutting its benchmark lending rate to prop up the economy.
Gold Futures for April delivery was little changed at $1,611.15 by 1:25 AM ET (05:25 GMT).
On Thursday, the People’s Bank of China said its one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing.
The five-year LPR was lowered by 5 basis points to 4.75% from 4.80%.
The decisions came as a new coronavirus outbreak, which has caused over 2,000 deaths in the country and almost 75,000 infections, caused widespread disruption to businesses and factory activity in China.
Source : Investing.com