Gold prices climb as U.S. dollar and yields slide, but bullion set for big weekly loss

Iraqi women look at gold jewelry displayed at a market in east Mosul, on July 28, 2017. / AFP PHOTO / SAFIN HAMEDSAFIN HAMED/AFP/Getty Images Metals dealers make the bullish case for gold that the resurgence of COVID-19 in many parts of the world continues to serve as a major underpinning for bullion buying. Central bankers also have expressed caution about becoming too hopeful about promising coronavirus remedies, including those from a partnership of Pfizer PFE, -2.46% and BioNTech BNTX, -7.14% which announced Monday, as hospitalizations and infections take a new deadly path higher.

“It’s just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term,” said Federal Reserve Chairman Jerome Powell at a panel discussion hosted by the European Central Bank on Thursday.

December gold GCZ20, +0.91% climbed $16.70, or 0.9%, to reach $1,890 an ounce, after […]

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