The US central bank has warned of an uncertain road ahead
Bengaluru — Gold on Thursday bounced back from the previous session’s hefty losses after the US Federal Reserve raised concerns that a recovery from the coronavirus-induced economic slump faced a highly uncertain path, weighing on risk sentiment.
“Gold is stable after it got hammered overnight. The main fundamentals behind gold have not changed,” said Edward Meir, an analyst at ED&F Man Capital Markets. “Stimulus is still coming in and it’s very premature to say we’re recovering globally and should see higher rates and a stronger dollar; we are months and months away from that.”
Central banks, including the Fed, have rolled out massive stimulus measures and cut interest rates near zero to combat the economic toll from the virus outbreak, helping gold rise more than 28% so far in 2020 as it is considered a hedge against inflation and currency debasement.
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