Gold Soars in April as Top Central Banks Fight Pandemic's Damage

NEWS SUMMARY: Precious metal prices rose in April as investors were drawn to the metal's proven store of value qualities. U.S. stocks fell on downbeat economic data as the CV-19 pandemic pushed U.S. jobless claims above 30 million in the last six weeks.

 BLOOMBERG---"Gold is heading for the biggest monthly gain since 2016 as top economies ramp up stimulus to repair the damage from the coronavirus pandemic, boosting the metal's allure as a store of value. Bullion traded near the highest since 2012 after the U.S. Federal Reserve voiced concern Wednesday the crisis could leave permanent scars on the U.S. economy, while leaving interest rates near zero....Gold has rebounded after a sell-off last month, when investors rushed to raise cash. There was also some delayed quarterly portfolio rebalancing pushed back due to those late-March falls, Rhona O'Connell, head of market analysis for EMEA and Asia at INTL FCStone, said by email. 'Additional liquidity in the system benefited gold,' she said. 'The risks in the system do point to further gains.'....Overall sentiment for gold is still high, as investors seek havens amid the economic downturn, and monetary and fiscal stimulus, according to State Street Global Advisors. Gold will trade between $1,700 and $1,800 an ounce for the next few weeks, with a skew to the higher end of that range, Robin Tsui, Asia-Pacific gold strategist, said in an interview. 'The low interest rate factor is going to drive gold prices forward.'"