Gold bars are displayed at Degussa shop in Singapore. Picture: REUTERS
“But the massive support we’re getting from the Fed is underpinning the general trend of support for gold … Gold is going to look very attractive as it doesn’t cost anything to hold it right now.” Asian stocks rose to a fresh seven-week high on the news, while the US dollar held near a two-week low after the Fed left its interest rates near zero and repeated a vow to use its “full range of tools” to shore up an economy hammered by the pandemic.
Investors also took stock of data showing factory activity in China expanded for a second straight month in April as more businesses resumed work, but a worsening slump in export orders pointed to a long road to recovery.
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