Gold rises thanks to unprecedented measures by the US Federal Reserve by Reuters

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(Reuters) – It rose 2 percent on Tuesday to continue its gains from the previous session, which amounted to about four percent, following unprecedented measures by the Federal Reserve to support the economy, which is suffering from the Corona virus, to stop the exodus of liquidity.

And gold rose in the spot market 1.3 percent to $ 1572.45 an ounce by 0637 GMT. The precious metal increased 3.7 percent on Monday, recording the largest daily gain in percentage terms since June 2016.

And rose gold in futures transactions in the United States, 1.9 percent to 1596.70 dollars.

On Monday, the US central bank announced an exceptional set of programs and lending for student loans, credit card loans, and small business loans guaranteed by the US government.

These measures failed to push the Wall Street bourse up on Monday, but it was enough to lead a recovery in stocks in Asia.

As for other precious metals, they rose 6.2 percent to $ 1825.79 an ounce, rose 3.2 percent to $ 13.67, while platinum increased 2.3 percent to $ 657.41 an ounce.

(Prepared by Hala Kandil for the Arab Bulletin – Edited by Moataz Mohamed).

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