Gold prices rose earlier on Thursday in Asia, continuing gains from the previous sessions after the U.S. Federal Reserve decided on Wednesday to keep the benchmark rate near zero.
Gold futures gained 1.19% at $1,741.25 per ounce at 12:24 AM ET (05:24 GMT).
However, investor sentiment were left sour after the Fed’s quarterly forecast saw economic recovery from the COVID-19 pandemic to take till the end of 2020. Furthermore, they predicted that the GDP could shrink by 6.5% in 2020 and the unemployment rate could fall from May’s 13.3% to 9.3% in the last three months of the year.
U.S. Federal Reserve Chairman Jerome Powell reiterated that the central bank is committed to “do whatever we can, for as long as it takes,” after the meeting.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...