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 […]
November 13, 2020 Published by StockMan