Gold price buoyed by virus woes, but heads for worst week

US gold futures gained 0.2 per cent to USD 1,876.50.(REUTERS) Gold prices inched higher on Friday, as fears over the economic fallout from mounting cases of Covid-19 overshadowed hopes of a vaccine, although the metal was on track for its worst weekly performance since late-September.

Spot gold rose 0.1% to $1,877.14 per ounce by 0325 GMT. For the week so far, it is down 3.8%.

US gold futures gained 0.2% to $1,876.50.

“There has been a bit of shift in market psychology,” ED&F Man Capital Markets analyst Edward Meir said, adding that people are realising a significant roll-out of a vaccine will take time while the need for relief is immediate.A Reuters tally showed novel coronavirus cases soared by more than 100% in 13 US states in the past two weeks, while the global tally crossed 52.45 million, underpinning the need for more stimulus.“The fact that there isn’t a stimulus coming seems […]

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