Gold Rises As Stocks Plunge Again, Dollar Weakens COMMODITIES: Gold Rises As Stocks Plunge Again, Dollar Weakens
02:07 PM EST, 03/05/2020 (MT Newswires) -- Gold ended higher on Thursday as U.S. stock markets plunged again on virus worries and the U.S. dollar fell.
Gold for April delivery rose US$25.00 to settle at US$1,666.80 per ounce in Comex trading.
The drop comes as investors again moved out of stocks, with major U.S. stock indexes down around 3%. Lower interest rates, following the Federal Reserve's 50 basis-point emergency rate cut earlier this week, are also supportive for gold.
The U.S. dollar weakened, making the metal more affordable for international buyers. The ICE dollar index was last seen down 0.52 to 96.82.