Gold prices steadied on Thursday in Asia as China said its cutting its benchmark lending rate to prop up the economy.

Gold Futures for April delivery was little changed at $1,611.15 by 1:25 AM ET (05:25 GMT).

On Thursday, the People’s Bank of China said its one-year loan prime rate (LPR) was lowered by 10 basis points to 4.05% from 4.15% at the previous monthly fixing.

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