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Gold Gains as Fed Vows to Use All Tools, Extends Swap Lines

Published 07/29/2020, 02:29 PM
Updated 07/29/2020, 03:18 PM
© Bloomberg. Gold bangles sit inside a display case at a Chow Tai Fook Jewellery Group Ltd. store in the Central district of Hong Kong, China, on Friday, Jan. 20, 2017. Chow Tai Fook, the world's largest jewelry chain, last year launched the first of a line of mainland shops selling lower-priced jewelry, with average prices of 2,000 yuan ($291), about a third the prices at its flagship stores.
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(Bloomberg) -- Spot gold climbed after the Federal Reserve repeated a vow to use all tools to support the U.S. economy and extended emergency measures to ensure the global financial system has access to a ready supply of U.S. dollars.Bullion for immediate delivery rose as much as 0.5% to $1,968.76 an ounce following the Fed’s policy decision Wednesday. The central bank left its benchmark interest rate unchanged near zero.

©2020 Bloomberg L.P.

© Bloomberg. Gold bangles sit inside a display case at a Chow Tai Fook Jewellery Group Ltd. store in the Central district of Hong Kong, China, on Friday, Jan. 20, 2017. Chow Tai Fook, the world's largest jewelry chain, last year launched the first of a line of mainland shops selling lower-priced jewelry, with average prices of 2,000 yuan ($291), about a third the prices at its flagship stores.

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