Market Readings : Fed rate cut , Gold price hits new high

Bloomberg – Fed, ECB, Central Banks Cut Rates in Coordinated Move

The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an emergency coordinated bid to ease the economic effects of the financial crisis.

The Fed, ECB, Bank of England, Bank of Canada and Sweden’s Riksbank each cut their benchmark rates by half a percentage point. The Bank of Japan, which didn’t participate in the move, said it supported the action. Switzerland also took part. Separately, China’s central bank lowered its key one-year lending rate by 0.27 percentage point.

Economic Times – Gold scales to an all-time high of Rs 13,745
Gold prices rallied to an all-time high of Rs 13,745 in early trade on the bullion market on hectic stockists buying prompted by higher global advices as well as festival demand.

Gold prices in Singapore rebounded as safe-haven buying picked up after share values tumbled to multi-year lows across the globe.

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