Gold prices climb, aim for biggest weekly rise in 3 months as U.S. dollar sees sharpest slide since March

Gold prices climb, aim for biggest weekly rise in 3 months as U.S. dollar sees sharpest slide since March

Weakness in the dollar is bucking up gold this week A global surge in the spread of the novel strain of coronavirus that causes COVID-19 also has provided support for bullion and its sister metal silver, commodity experts said.

The global tally for confirmed cases of COVID-19 climbed to 48.8 million on Friday, according to data aggregated by Johns Hopkins University , while the death toll rose above 1.2 million. The U.S. has the highest case tally in the world at 9.6 million and highest death toll at 234,944, or about a fifth of the global totals.

“The metals markets have been lifted this week due in part to a slumping U.S. dollar index that hit a nine-week low overnight,” wrote Jim Wyckoff, senior analyst at Kitco.com. “Safe-haven demand is also featured in the gold and silver markets Friday morning, heading into an uncertain weekend,” the commodity strategist wrote.

Indeed, the […]

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