Gold Up Ahead of Fed Policy Meeting Details Reveal
India's scrap gold supplies seen at record high on price rally, coronavirus
By Administrator_India
Gold was up on Wednesday morning in Asia, building on its gains from the previous session.
Gold futures were up by 0.08% at $1,723.25 after jumping 1.2% during the previous session. Stocks, which usually move inversely to gold, were mostly up.
Investors continued to be cautiously optimistic ahead of the U.S. Federal Reserve unveiling the details from its policy meeting, scheduled to wrap up later in the day.
Some investors were optimistic over expectations that the details will include further stimuli measures for the U.S. economy, to help it down the road towards economic recovery from the COVID-19 virus.
“The expectations of further Fed stimulus are at the forefront of what’s been supporting gold over the last couple of days. In addition, we’re also seeing global equities tick lower slightly across the board,” said Analyst.
“We’re seeing an unprecedented amount of global liquidity and that underlying fundamental environment is extremely supportive for gold.”
