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Gold Prices Steady as China Cuts Benchmark Rate to Support Economy
Thursday, 20 February 2020 16:22 WIB | PRECIOUS METALS |EMASGOLD

Gold prices steadied on Thursday in Asia as China said its cutting its benchmark lending rate to prop up the economy.

Gold Futures for April delivery was little changed at $1,611.15 by 1:25 AM ET (05:25 GMT).

On Thursday, the People™s Bank of China said its one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing.

The five-year LPR was lowered by 5 basis points to 4.75% from 4.80%.

The decisions came as a new coronavirus outbreak, which has caused over 2,000 deaths in the country and almost 75,000 infections, caused widespread disruption to businesses and factory activity in China.

Source : Investing.com

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