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The safe-haven status of the yellow metal is reinforced by fears of economic impact due to coronavirus and the surprise interest rate cut by the Fed, in the opinion of analysts at ANZ Research. XAU/USD is trading at 1646.78.

Key quotes

“Deepening fears of the economic impact of COVID-19 continue to support gold safe-haven appeal.” 

“The surprise Fed interest rate cut has given a fresh boost to the market with the US dollar grinding lower.” 

“We see easing monetary policy should keep investor appetite for the gold strong and push the prices further higher.”