Gold prices in Asia rose Tuesday morning, staying firmly above the $1,5000 mark as the U.S. Federal Reserve announced further steps to combat the COVID-19 pandemic.

Gold Futures were up 1.7% to $1,594.20 by 9:32 PM ET (1:32 AM GMT) as the Fed announced unprecedented measures to buy unlimited amounts of Treasury bonds and mortgage-backed securities. 

The measures keep borrowing costs at low levels and gives the yellow metal, which pays no interest, a boost.

The Fed also pledged to finance households, small businesses and employers as the U.S. Senate failed to pass a stimulus package worth over $1 trillion on Monday afternoon.

Source : Investing.com