Gold prices gained from last session's fall on lingering political tensions and a weaker dollar but were still near their lowest in over a week as equities were set to extend their gains on economic optimism.
Spot gold rose 0.4% to $1,703.67 per ounce, as of 7:42 am. On Wednesday, it fell by 1.7% to reach its lowest since May 27.
U.S. gold futures were flat at $1,704.90.
The European Central Bank is certain to give more stimulus, with the only question being timing- whether later on Thursday or holding out until July. More stimulus and lower interest rates tend to benefit gold, which is often seen as a hedge against inflation and currency debasement.
The dollar index has fallen about 1% this week, making gold cheaper for holders of other currencies.
The U.S. is expected to impose restrictions on at least four additional state-run Chinese media outlets, sources said on Wednesday. U.S. President Donald Trump's administration on Wednesday barred Chinese passenger carriers from flying to the United States starting on June 16.
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The Indian rupee logged its worst week against the dollar in 14 weeks
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Sterling traded slightly lower versus the U.S. dollar and was unmoved against the euro on Friday
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Indian shares fell on Friday as a relentless surge in domestic coronavirus cases threatened to disrupt an economic recovery, although gains in pharmaceuticals and heavyweight Reliance Industries helped limit losses.
10 Jul 2020 11:15 AM
The yuan pulled back from a four-month high against the dollar on Friday as China's stock market rally ran out of steam
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.