# Gold surges over 4% after Fed unveils new stimulus plans

> 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%.

- Date: 2020-03-23 · published 2020-03-23T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/54048-gold-surges-over-4-after-fed-unveils-new-stimulus-plans
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-03-24 | [Dollar falls after Fed QE, on fiscal stimulus hopes](https://feedsoft.ai/events/6583-dollar-falls-after-fed-qe-on-fiscal-stimulus-hopes.md) | -2.3% | -2.4% |
| DXY | 2020-06-16 | [Gold futures rally after Fed pledges to keep interest rates low and sustain stimulus  \| The National](https://feedsoft.ai/events/52521-gold-futures-rally-after-fed-pledges-to-keep-interest-rates-low-and-sustain.md) | -0.2% | -0.5% |
| DXY | 2022-12-01 | [US dollar plunges in Vietnam after new Fed signal](https://feedsoft.ai/events/38538-us-dollar-plunges-in-vietnam-after-new-fed-signal.md) | -0.6% | -1.5% |
| DXY | 2023-12-13 | [Gold climbs over 1% after Fed signals end of rate hikes \| Reuters](https://feedsoft.ai/events/32470-gold-climbs-over-1-after-fed-signals-end-of-rate-hikes-reuters.md) | -1.0% | -0.7% |
| DXY | 2020-08-28 | [Gold surges over 2% on waning dollar, Fed policy shift - The Business Times](https://feedsoft.ai/events/51528-gold-surges-over-2-on-waning-dollar-fed-policy-shift-the-business-times.md) | -0.5% | +1.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/03/23/gold-markets-coronavirus-stimulus-measures-in-focus.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.