PRECIOUS METAL: On Wednesday, MCX Gold prices opened on a gap up note as miserable data from major economies replicated the outcome from the coronavirus crisis, while the early joy over a potential COVID-19 vaccine failed and offered way to safe-haven demand. Federal Reserve Chair Jerome Powell said the Fed was looking at extending access to the credit facilities to additional borrowers, including states with smaller populations. It is very important that how the Fed does in coming months and undoubtedly Powell did indicate that the rates would persist near zero for foreseeable future. U.S. homebuilding data fell by the most on record in April, lifting fears the pandemic would lead to the deepest economic contraction in the second quarter since the Great Depression. data added to a volley of dismal U.S. economic statistics this month- a loss of 20.5 million jobs and a collapse in retail sales and manufacturing production.