G20 Calls for Int’l Coordination to Control Virus Outbreak

G20 Calls for Int’l Coordination to Control Virus Outbreak
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G20 Calls for Int’l Coordination to Control Virus Outbreak

G20 Calls for Int’l Coordination to Control Virus Outbreak

The representatives of the G20 leaders have discussed the coronavirus outbreak and its impact on people and the global economy during the second Sherpa meeting in Khobar, Saudi Arabia, this week.

“This pandemic calls for a robust international response. G20 countries will enhance cooperation and coordination to control the outbreak, protect people, mitigate the economic impact, and maintain economic stability, while avoiding stigmatization,” they said in a statement.

“The protection of human lives is of paramount importance. G20 countries support and work closely with the World Health Organization (WHO) to monitor the outbreak, share relevant information, encourage preventive measures, early case detection, and clinical care,” they said.

The conferees underscored the importance of close cooperation between international organizations, urging them to report regularly to the G20 on their actions and assessment of needs.

“We will step up support for the development of early warning systems, appropriate treatments, and vaccines. Fighting the disease at home is our primary concern,” said the statement.

The Sherpa meeting also pledged to strengthen capacity building and technical assistance between G20 states and to developing countries that have weaker health systems and more vulnerable populations.

In their recent statement, G20 Finance Ministers and Central Bank Governors agreed to use all available policy tools, including fiscal and monetary measures as appropriate.

“We invite our finance officials to continue their ongoing work with international organizations to respond to the economic impact of COVID-19,” said the Sherpa statement.

It expressed confidence that “working closely together, we will overcome the COVID-19 outbreak and its implications, safeguard human lives, and protect the global economy.”



Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
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Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters

Gold prices eased on Tuesday, while investors awaited a slew of US economic data to gauge the size of the Federal Reserve's expected interest rate cut this month.
Spot gold fell 0.2% at $2,495.50 per ounce by 0630 GMT. Prices hit a record high of $2,531.60 on Aug. 20.
US gold futures steadied at $2,527.50.
The dollar lingered near a two-week high, making bullion less appealing for other currency holders.
"Gold is unable to recapture levels around all-time highs due to lack of fresh positive catalysts. If we see U.S. data pointing to a weak economy and the Fed taking to the narrative of having a jumbo rate cut, gold will rally," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
"Prices could go as high as $2,640 this year."
Market focus is on Friday's US August non-farm payrolls report. Economists surveyed by Reuters expect the addition of 165,000 US jobs.
ISM surveys, JOLTS job openings and ADP employment report are also on investors' radar.
Traders currently see a 31% chance of a 50-basis-point rate cut at the Fed's Sept. 17-18 policy meet and a 69% chance of a quarter-point cut.
Last week, data showed US consumer spending picked up in July, arguing against a 50-bp rate cut.
Gold "remains our preferred hedge against geopolitical and financial risks, with additional support from imminent Fed rate cuts and ongoing emerging market central bank buying. We open a long gold trade recommendation," Goldman Sachs said.
Bullion is considered a safe asset amid turmoil and tends to thrive in a low rate environment.
Spot gold may test support at $2,473, a break below that could open the way towards $2,434, according to Reuters technical analyst Wang Tao.
Spot silver dipped 0.5% to $28.35, platinum fell 1% to $921.05 and palladium lost 1% to $968.62.