Gold falls ahead of US unemployment benefit data

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Gold prices retreated on Thursday, as expectations of a rise in US jobless claims due to the outbreak of the Corona Virus overwhelmed a massive US economic stimulus package, and kept the stampede towards liquidity among investors.

According to the Reuters news agency, spot gold fell 0.8% to $ 1,600.22 an ounce, after falling 1% earlier in the session.
“There is no positive growth story here until companies resume their work, and this could see a decline in all of those assets, which have benefited from the stimulus announcement (recently) by the US Federal Reserve, including gold,” said Elia Spivac, exchange-market analyst at Daily Fix. again”.

The US Senate supported by a majority a two-trillion-dollar bill aimed at helping unemployed workers and industries damaged by the spread of the Corona virus, as well as providing billions of dollars to buy much-needed medical equipment.

Asian equity markets rose, but gains were limited as investors scattered among the relief about passing the package in the Senate, and concerns about whether it was enough to deal with the coming storm.

On Monday, the US central bank announced that it would buy bonds in open numbers and support direct loans to companies in the latest series of policy steps taken over the past ten days to calm markets and support the economy.

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