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The International Monetary Fund (IMF) has this unenviable image of being a stern-faced banker of last resort which would push countries in economic distress seeking help to implement harsh economic reforms as a conditionality.
Global shares rattled on Monday as surging coronavirus cases in Europe and the United States clouded the global economic outlook, while China’s leaders meet to plan the country’s economic future.
Italy approved a package of measures to support businesses hit by new restrictions aimed at reining in the coronavirus, hours after daily infections hit a new record high and COVID-19-related deaths jumped.
The package — worth about 10 per cent of India's GDP — came as the country was set to mark its 50th day in the world's biggest lockdown as the number of virus cases topped 70,000 with 2,200 deaths.
Spot gold prices rose 0.2% to $1,841.93 per ounce by 0554 GMT, while US gold futures were up 0.2% at $1,844.20.
Spot gold rose 0.3% to $1,869.06 per ounce by 05:04 GMT, having touched its highest since Nov. 23 of $1,871.52 earlier in the session. US gold futures were up 0.4% at $1,873.50.
The stimulus equates to 4% of gross domestic product, meaning France is ploughing more public cash into its economy than any other big European country as a percentage of GDP.
Despite challenges due to the coronavirus pandemic, Pakistan’s economic performance remained encouraging in December, according to the Economic and Outlook report, which the government’s Finance Division publishes every month.
Spot gold was up 0.7% at $1,888.84 per ounce by 06:18 GMT, after earlier hitting a one-week high of $1,900.04. US gold futures gained 0.5% to $1,893.20.
Brent crude futures declined 25 cents, or 0.5%, to $51.04 a barrel while US West Texas Intermediate (WTI) crude futures slipped 19 cents, or 0.4%, to $48.04 a barrel.
