Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 28 mins.Mar 03, 2020 11:32 NY Time
| Bid/Ask | 1634.40 / 1635.60 | |
| Low/High | 1593.10 / 1644.80 | |
| Change | +45.30 | +2.85% |
| 30daychg | +45.90 | +2.89% |
| 1yearchg | +341.50 | +26.41% |
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Silver Price & PGMs
Mar 03, 2020 11:32 NY TimeKitco 10AM Silver Fix
| Silver | 17.16 | +0.45 |
| Platinum | 865.00 | +5.00 |
| Palladium | 2371.00 | -43.00 |
| Rhodium | 10200.00 | 0.00 |
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“In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1-1/4 percent,” the central bank said in a statement.
(Kitco News, Tues. March 3rd, 2020) – Gold prices have shot higher after the Federal Reserve surprised markets with a 50 basis-point cut Tuesday morning.
This is the first time the Federal Reserve has made such a steep cut since the 2008 financial crisis.
Gold prices are up sharply in initial reaction to move. April gold futures last traded at $1,618.80 an ounce, up 1.5% on the day.
The vote for the 50 basis-point cut was unanimously passed by the committee. Ahead of the move, markets were pricing in the cut for the upcoming monetary policy meeting.
The cut came after the Federal Reserve and the U.S. Treasury Department held a conference call with their counterparts from the G7.
“Given the potential impacts of [novel coronavirus] COVID-19 on global growth, we reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks,” the officials said in a joint statement following the call.
Paul Ashworth, chief U.S. economist at Capital Economics said that the Fed’s move is not unexpected given the near-panic sentiment in financial markets.
“With financial markets in turmoil and evidence growing that the coronavirus is developing into a pandemic, the Fed’s change of heart is entirely understandable,” he said.
Ashworth added that he wouldn’t rule out more more easing in the future.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com