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Gold on track for third weekly gain as virus cases surge

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Gold edged larger on Friday and was set for its third consecutive weekly gain, as coronavirus cases around the globe surged and jittery buyers opted for safe-haven belongings.

FUNDAMENTALS

Spot gold was up 0.1% at $1,763.48 per ounce as of 0042 GMT.

Bullion has risen greater than 1% thus far this week, with costs scaling a close to eight-year excessive of $1,779.06 per ounce on Wednesday.

U.S. gold futures rose 0.2% to $1,773.60.

Coronavirus cases throughout america have soared in latest days, with Texas pausing its re-opening as COVID-19 infections and hospitalizations surged within the state.

There was an increase in infections elsewhere as properly, together with in Brazil, Latin America and India.

A spike in virus cases in latest days has dented hopes of a fast financial restoration and prompted buyers search safe-haven belongings like gold and the U.S. greenback.

The greenback held regular in opposition to a basket of main currencies.

Financial institution of Japan Governor Haruhiko Kuroda stated second-round results of the coronavirus pandemic might harm the Japanese economic system “significantly”, signalling the financial institution’s readiness to ramp up stimulus measures once more to cushion any blow from the disaster.

The U.S. Federal Reserve stated it’s going to cap massive financial institution dividend funds and bar share repurchases till at the very least the fourth quarter after discovering lenders confronted important capital losses when examined in opposition to an financial stoop attributable to the coronavirus pandemic.

Asian shares have been set to gain on Friday, as world sentiment remained doggedly upbeat regardless of elevated volatility and rising new coronavirus infections.

Palladium gained 0.1% to $1,843.52 per ounce, whereas platinum eased 0.1% to $802.42 and silver fell 0.8% at $17.74.

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