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Metals Stocks: Gold cuts losses as short covering kicks in after an earlier drop of more than 4%

16 Mar 2020

Gold futures significantly cut their earlier losses in Monday dealings, as short covering kicked in following an earlier drop of more than 4% for the precious metal. Traders reacted to a limit-down tumble for benchmark U.S. stock indexes at the opening bell after the Federal Reserve’s emergency decision Sunday to slash rates and implement $700 billion in asset purchases.

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