9/18/2020, 10:42 AM (Source: TeleTrader)
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Precious metals rise as virus worries persist

Precious metals traded higher on Friday as investors turned to safe-haven assets amid worries over COVID-19 and its impact on the global economy.

Earlier in the week, several major central banks expressed readiness to introduce further stimulus to support their economies amid the pandemic. The US Federal Reserve noted the country's economy may need more fiscal and monetary support, while the Bank of England indicated it could resort to negative rates if needed due to coronavirus and Brexit uncertainty.

Spot gold rose 0.49% to sell for $1,953.90 per ounce at 4:38 am ET and silver added 0.40% per ounce to go for $27.14 per ounce at 4:39 am ET. Platinum gained 0.37% to change hands for $942.12 per ounce at the same time, while palladium climbed 0.81% to $2,350.26 per ounce at 4:40 am ET.

Breaking the News / NP