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8/20/2020, 8:31 AM (Source: TeleTrader)
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Precious metals rebound on fresh recovery worries

Precious metals rebounded on Thursday after dropping sharply a day earlier.

Investors turned to safe-haven assets as worries about the pace of the economic recovery reemerged after the US Federal Reserve warned that the impact of the coronavirus on the economy remains strong and that the road to recovery is highly uncertain, stressing more fiscal stimulus will be needed.

Spot gold jumped 1.06% to sell for $1,949.44 per ounce at 2:28 am ET and silver rallied 1.83% to go for $27.19 per ounce at the same time. Platinum gained 0.69% to change hands for $937.98 per ounce at 2:29 am ET and palladium climbed 0.77% to sell for $2,176 per ounce at the same time.

Breaking the News / NP