Gold holds steady as dollar firms and stocks slide

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Sverige Nyheter Nyheter

The safe-haven metal is in limbo as the coronavirus weighs on markets

Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi in the southern Swiss town of Balerna. Picture: REUTERS/MICHAEL BUHOLZER

“We’re not really seeing a clear-cut catalyst for gold here. On the one hand, we’re getting a stronger US dollar because the recent comments from the Federal Reserve are supportive,” said DailyFx currency strategist Ilya Spivak. Fed chair Jerome Powell said on Wednesday the US economy is beginning to recover from the worst of the coronavirus crisis, but with about 25-million Americans displaced from work and the pandemic ongoing, it will need more help.

 

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