[ad_1]
Gold prices stabilized in a narrow range today, Friday, supported by concerns about the economic consequences resulting from the escalation of Covid-19 cases, but the yellow metal is heading towards its first weekly loss since September, as it bolstered hopes for a vaccine for high-risk assets earlier this week.
Gold rose 0.2 percent to $ 1,879.11 an ounce. For the week, gold fell 3.7%.
US gold futures gained 0.2% to $ 1,877.10.
“There is limited change in the psyche of the market,” said Edward Meer, analyst at ED&F Capital Markets, adding that people are realizing that widespread distribution of the vaccine will take time as the need to create a state of relief is immediate.
A Reuters tally showed that cases of coronavirus infection increased by more than 100% in 13 US states in the past two weeks, while the number of cases worldwide exceeded 52.45 million, confirming the need for additional stimulation.
“The fact that there is no stimulus coming seems to be holding back (gold) … if Congress does indeed come up with a limited package, that would be beneficial,” Mir said.
Meanwhile, the Presidents of the US Federal Reserve and the European Central Bank have warned that the economic outlook remains blurry.
The dollar index was flat, but on track for a weekly gain of 0.8%.
As for other precious metals, silver was stable at $ 24.22 per ounce. Platinum rose 0.7% to $ 885.60, while palladium rose 0.5% to $ 2,342.45.
Follow the economic statement via Google News
Source link
