Gold surges on China rate cut, US GDP
London (Mar 2) Gold today rose for the fourth day, the longest run in almost five months, as China cut interest rates and the US economy grew at a slower—than—estimated pace.
Gold rose 0.8 per cent to $1,223.34 an ounce, the highest since February 17. Silver also rose 0.5 per cent to $16.67 an ounce.
The People’s Bank of China lowered the benchmark lending and deposit rates by a quarter percentage point on Saturday, while data on Chinese manufacturing signalled a contraction, underscoring the need for looser policy.
The US economy grew at a 2.2 per cent annualised rate, down from an estimate of 2.6 per cent, the Commerce Department said Friday.