Gold Supported by Virus Fears But Heading For The Worst Week Since September

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 boosted hopes for a vaccine for high-risk assets earlier this week.

With the Japanese markets closed, gold rose in spot trading 0.2%to $ 1879.11 an ounce. For the week, gold fell 3.7%.

US gold futures gained 0.2% to $ 1,877.10.

A Reuters count showed that cases of coronavirus rose by more than 100% in 13 US states over the past two weeks, while the number of global cases exceeded 52.45 million, which supports the need for more stimulation.

Meanwhile, the Presidents of the US Federal Reserve and the European Central Bank warned that the economic outlook remains blurry.

The dollar index settled, but it is on track of achieving a weekly gain of 0.8%.

As for the other precious metals, silver was stable at $ 24.22 an ounce. Platinum rose 0.7% to $ 885.60, while palladium rose 0.5% to $ 2,342.45.