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31FX Blog

Economic Event Recap: Gold Prices, Corona Virus & FOMC Meeting.

31FX – Gold prices, coronavirus outbreaks, and the FOMC meeting. See what this week’s major market events had been doing.

picture of a gold bar

Corona Virus – Gold Surge

January 27, 2020

After the celebration of the Chinese New Year, the world was filled with fear due to the Corona Virus outbreak resulted in Gold surges for more than two weeks. The possibility of a bad economic effect due to the outbreak lead investors to go back to investing in the safe-haven metal.

The said virus listed 80 kills and thousand infected most especially in the Hubei region where the said Virus was originated, the said province wanted to be isolated as much as possible as an initial solution in prevention in spreading of the said virus. Hong Kong banned them from entering despite world efforts.

Gold XAU = $1,579.94 = ▲ 0.6%

Market Correction

January 28, 2020

After the virus gold surge, the price of Gold made a price reversal after the coronavirus outbreak subsides. The world started to redirect its resources again making a slow transition of investing again to other Financial Assets in the global market.

The reversal happened after Gold made its record high close this Monday over six years due to Mers-Cov Outbreak started in China and as a result, China authorities extended new year holidays for manufacturing firms and suspension of major public transport and public venues which resulted in its quick economic decline a great impact in the Asian Stock Market.

Gold XAU = $1,569.75 = ▼ 0.5%

Fed Open Market Committee Meeting

January 29, 2020

The Global Market is on preparation for the U.S. Federal Reserve meeting outcome that also makes Gold prices volatility to subside.

Gold XAU = $ 1,566.75 = ▲ 0.2% 1:45 AM ET (05:45 GMT).

Watch Press Conference with FOMC and its Chairman Jerome Powell

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