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Gold Prices Ease As China Vows Stimulus

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Gold Prices Ease As China Vows Stimulus
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Gold prices fell slightly on Monday to hover near a two-week high scaled in the previous session after China, Hong Kong and Singapore pledged extra fiscal stimulus to counter the impact of the coronavirus outbreak on the global economy.

Spot gold dropped 0.25 percent to $1,580.41 an ounce, after having touched its highest since Feb. 3 at $1,584.65 on Friday. U.S. gold futures were down 0.2 percent at $1,583.25.

China’s central bank pumped 100 billion yuan (about 14.33 billion U.S. dollars) into the financial system today through reverse repos in a bid to improve liquidity in the system

The central bank also injected 200 billion yuan into the market via medium-term lending facility as China continues to battle the outbreak of the deadly Coronavirus.

China’s Finance Minister has unveiled plans to roll out targeted and phased tax and fee cuts to help relieve difficulties for businesses.

Hong Kong and Singapore are also pledging extra fiscal stimulus to counter the economic hit from the coronavirus.

The death toll of the coronavirus in China has reached 1,765 people after another 100 deaths were reported in Hubei.

An additional 99 people have tested positive for the deadly virus on a cruise ship off the Japan coast, Japanese media said today, citing new figures from the health ministry.

The material has been provided by InstaForex Company – www.instaforex.com