Gold Rises as Risk Appetite is Hit by Virus Fears

Gold prices rose on Friday, as growing concerns about the spread of the delta strain of the Coronavirus and its impact on the economic recovery damaged risk sentiment.

And gold rose in immediate transactions 0.3% to $ 1785.93 an ounce before the opening of the European stock exchanges, to rise now about 0.4% in the week. And US gold futures rose 0.3% to $ 1788.10.

Gold is supported by pessimism about the medium-term outlook for the economy, said Nicholas Frabel, general manager at ABC Bullion.

Asian stocks are heading for their lowest close since November and the worst week since February.

What curbed the gains of the yellow metal was that the safe-haven competitor, the dollar, resided near its highest level in more than 9 months, benefiting from concerns about the Coronavirus and expectations that the US Federal Reserve would start reducing stimulus this year.

Gold is considered a hedge against inflation and currency instability.