Silver shed 0.7% and platinum 1%, as palladium continues to rise
Bengaluru — Gold edged lower on Thursday after China announced more measures to limit the economic effect from the coronavirus epidemic, although a rise in the number of new cases in South Korea kept bullion close to a near seven-year peak.
“We are seeing some profit taking after the last run up in the prices ... overall the environment is very favourable for gold prices,” said SP Angel analyst Sergey Raevskiy. China cut the benchmark lending rate and banks in Shanghai have issued 1.31-billion yuan in cheap loans to 48 key firms to support an economy jolted by the crisis. The world’s second largest economy is likely to roll out more support measures, analysts said.
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