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 […]

Click here to view original web page at www.hindustantimes.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.