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Gold extended a surge toward $1 600 an ounce after the Federal Reserve took unprecedented measures to protect the US economy from the coronavirus shock, with Goldman Sachs Group Inc. saying bullion’s probably at an inflection point and it is time to buy.
The precious metal jumped, rallying with risk assets, after the US central bank said yesterday it would buy unlimited amounts of Treasury bonds and mortgage-backed securities to keep borrowing costs low. The Fed also set up programs to ensure credit flows to corporations as well as state governments. The traditional haven is seeing a resurgence after declining over the last two weeks, when investors had favoured the dollar and sold the precious metal to raise cash. – Bloomberg.
Peter Tanyanyiwa
Online Reporter