Prices to buy gold for Euro investors meantime held unchanged from Tuesday's jump, recovering half of last week's drop from Monday 24 Feb's fresh record of €1561 per ounce.

PRICES to buy gold held onto yesterday’s strong gains in all currencies on Wednesday, trading above $1640 per ounce as Western stock markets rallied following the Federal Reserve’s dramatic cut to US interest rates spurred by the widening global virus outbreak.

Industrial precious metals struggled in contrast, as palladium held almost $400 below Friday’s new all-time record and platinum edged up to $880, little changed from before yesterday’s sudden inter-meeting rate cut by the Fed.

Silver prices held over 9% below last week’s 5-month high, trading at $17.20 per ounce.

„Biden primary wins help lift stock futures from COVID doldrums,“ says a headline at MarketWatch after former US vice-president Joe Biden won the ‚Super Tuesday‘ stage of the opposition Democrat Party’s presidential candidate nomination, denting socialist Bernie Sanders‘ chances of facing Donald Trump in November’s election.
„There are a lot of things that could go wrong for the stock market and the economic impact of a China slowdown from the coronavirus could be felt globally,“ said David Beahm, president and CEO of Blanchard & Company.
„The Federal Reserve is cutting but must further ease,“ the President also tweeted, but „This is a human tragedy… not an economic tragedy,“ claimed his chief economic adviser Larry Kudlow.
The World Bank today announced $12 billion of aid for developing economies hit by the virus.
South Korea’s massive shipping sector is „heading for disaster“ according to one industry figure, with traffic through the port of Incheon down 60% as exports from giant neighbor China dry up amid its mass quarantines and business shutdowns.
Reduced passenger flights in Asia have cut air freight capacity by 50-70% according to one estimate, meaning „The market has got very f..ked up, very quickly“ and sending costs soaring.
Italy’s education minister today said Rome is likely to shut all schools and colleges across the Eurozone’s 3rd largest economy for a month starting Thursday.
Ireland reported a second case of coronavirus, but the Government said it will go ahead with St.Patrick’s Day festivals on 17 March.
Next week’s London Book Fair – a key event for the publishing industry, regularly attended by 25,000 people from 135 countries – was today cancelled as England’s chief medical officer called an epidemic „likely“.


By Adrian Ash, Apr 03, 2020, at 14:51 p.m.

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