06.03.2020 Gold Daily Analysis

06.03.2020 Gold Daily Analysis

  Gold price has increased to 1.20% due to several reasons from the on-going coronavirus to the U.S Federal reserve cutting 0.50% basis point on Wednesday and lastly but not the least the decline from Russia to support OPEC organization with crude oil proposal. The yellow metal was on track to record its biggest weekly gain since 2016 amid lingering fears about the coronavirus outbreak. So far, the death toll from the coronavirus outbreak has risen over 3,300 while the number of positive cases has risen over 96,500. The interest rates cut by the U.S. Federal Reserve also boosted gold prices this week, as lower interest rates reduce the opportunity cost of holding non-yielding gold. And also the sudden rejection from Russia about assisting OPEC’s proposal of cutting crude oil by 1.5 million barrels a day made the yellow metal jump and continues to be the top commodity in the market.