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Spot gold rose more than 4% to $1,559.55 an ounce on March 23 after the Fed announced it would backstop credit for households, small businesses and large employers. The dollar fell over 1% against major currencies and US stock index futures jumped more than 3%.
The Fed's expanded credit backstop weakens the dollar and lifts risk assets and precious metals, a combination that tends to support dollar-priced commodities. Its scale also suggests further central bank support for demand.
cnbc.comReutersMar 23, 2020After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
