Published on 10/07/2020 9:02:30 AM | Source: Reuters

Gold set for 5th weekly gain as pandemic rages

Posted in Commodity Top News| #Gold #Commodity

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Gold was set for a fifth straight weekly gain as the COVID-19 pandemic showed no signs of abating, keeping the safe-haven metal above the key $1,800 level on Friday.


Spot gold was little changed at $1,801.69 by 0041 GMT, up more than 1.5% for the week.

U.S. gold futures rose 0.2% to $1,806.90 per ounce.

More than 60,000 fresh COVID-19 cases were reported across the United States on Wednesday, the biggest ever single-day tally by any country.

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

The number of Americans filing for jobless benefits dropped to a near four-month low last week, but a record 32.9 million people were collecting unemployment checks in the third week of June, supporting expectations the labour market would take years to recover.

Reflecting risk-off sentiment, Asian equities were set to open mostly lower on concerns of fresh lockdowns in the United States.

The Bank of Japan cut its economic view for all of the country's regions for the second straight quarter, the first such downgrade since 2008. German exports rebounded less than expected in May.

Chinese state lenders are revamping contingency plans in anticipation of U.S. sanctions over the new national security law for Hong Kong, sources said.

Gold is used as a safe investment during times of political and financial uncertainty.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 1,200.82 tonnes on Thursday.

Palladium fell 0.3% to $1,937.95 per ounce, platinum declined 0.7% to $827.73 and silver slipped 0.1% to $18.65.

(Reporting by Harshith Aranya in Bengaluru; Editing by Subhranshu Sahu)