Gold Up On Back of Lower Interest Rates and Grim Predictions For U.S. Recovery…LIVE NEWS UPDATE BY ROYAL TRADERS


 Gold was up on Thursday morning in Asia, continuing its rally from the previous session after Wednesday’s U.S. Federal Reserve policy meeting decided on holding the benchmark rate near zero.

Most officials forecast the benchmark rate will remain near zero through 2022.

Gold futures were up by 1.19% at $1,741.25 by 12:24 AM ET (5:24 AM GMT), with investors turning to the safe-haven yellow metal.

Investor sentiment also soured as the Fed quarterly predictions pointed to a long road towards economic recovery from the COVID-19 virus in the U.S. GDP is forecast to contract by 6.5% in 2020 and unemployment to fall to 9.3% in the final three months of the year from May’s 13.3%.

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