Gold poised for 5th straight weekly rise on virus fears

Gold poised for 5th straight weekly rise on virus fears

10 Jul 2020 10:49 AM
 

Gold was set for a fifth straight weekly gain on Friday as worries over a spike in U.S. coronavirus cases kept the safe-haven metal near the technical $1,800-per-ounce threshold.

Spot gold was little changed at $1,801.47 per ounce by 08:19 am, up nearly 1.5% for the week. U.S. gold futures rose 0.2% to $1,806.80.

More than 60,000 fresh COVID-19 cases were reported across the United States on Wednesday, the largest one-day increase by any country since the pandemic emerged in China last year.

Data showed U.S. shoppers were staying out of stores in areas where cases are rising the most, dampening hopes of a quick recovery in the world's biggest economy.

Surging cases also boosted the dollar, making gold more expensive for holders of other currencies.

Palladium fell 0.2% to $1,938.30 per ounce, platinum declined 1% to $825.09, and silver slipped 0.4% to $18.60.

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