Gold prices on Wednesday stable itself from a steep fall in the previous session, as the US dollars, eased following the Federal Reserve’s latest stimulus boost and as Asian equities slipped with the coronavirus pandemic sharply slowing global growth.
Spot gold was up 0.4% at $1,577.83 per ounce, as of 0030 GMT, having slumped 3.1% in the previous session. U.S. gold futures slipped 0.3% to $1,591.30.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.27% to 967 tonnes on Tuesday.
Palladium eased 0.3% to $2,344.99 per ounce, platinum fell 0.7% to $717.39 and silver slipped 0.3% to $13.93.
Some countries’ banking systems might have to be recapitalized or even restructured if their economies are severely handicapped by prolonged disruption from the outbreak, officials at the International Monetary Fund said on Tuesday.
The dollar fell to 107.63 Japanese yen from 107.89 yen. The euro fell to $1.1017 from $1.1043.
Gains in silver and platinum were modest at less than 1%. Palladium, however, soared nearly 5%. Metal prices mostly declined in March and they logged divided performances for the first quarter of 2020.
