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Gold Climbs Higher Over Coronavirus Fears, Neutral Fed

Early on Thursday, gold has resumed its bullish trend, supported by worries of the coronavirus outbreak’s impact on economic growth and by the Fed holding its interest rates steady in the latest monetary policy meeting. At the time of writing, GOLD is trading at a little above $1,579.

The safe haven appeal of gold is dominating in global markets over concerns compounded by the rise in the number of affected patients and death toll due to the coronavirus in China. The WHO is set to meet again later today, and could possibly decide to officially announce a global health emergency over the outbreak.

Meanwhile, in the previous session, the Fed opted to hold its rates steady and Chairman Jerome Powell indicated that the US economy is set to witness moderate growth, supported by robust employment. Gold has turned bullish following the Fed’s statement which did not sound too hawkish, even as the central bank commented on the outbreak and forecast that it could have some short term effect on China’s economic growth.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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