Gold: The prospect of negative interest rates lifted the yellow metal – ANZ

Gold prices pushed back above $1,700/oz, as the prospect of negative interest rates wouldn’t go away, strategists at ANZ Bank apprise.

Key quotes

“President Trump renewed his push, despite Fed officials continuing to brush aside the idea of negative rates. Those same officials also reiterated their concerns that the pandemic will mean a significant contraction in the economy and rising risks of bankruptcies.” 

“Dallas Fed President Robert Kaplan said the US will need more fiscal stimulus to boost growth, while St Louis Fed President James Bullard said keeping the economy locked down for too long risks a depression-scale recession.”