Gold Inches Higher On Virus Worries

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Gold prices inched higher on Friday as fears of a second wave of coronavirus infections offset hopes of a swift economic recovery.

Spot gold rose half a percent to $1,731 per ounce, while U.S. gold futures were up 0.4 percent at $1,738.80 per ounce.

Virus worries persist despite a Chinese health expert saying that a recent virus outbreak in Beijing is under control.

Mainland China reported 32 new coronavirus cases as of the end of June 18, 25, up from 28 confirmed cases reported a day earlier, according to China’s National Health Commission.

Elsewhere, U.S. Texas, California, Arizona and Florida all reported record spikes in cases.

Cleveland Federal Reserve Bank President Loretta Mester warned that the U.S. faces a long road to recovery, with the pace dependent largely on the success of efforts to limit the spread of the coronavirus.

On Thursday, data showed initial claims for state unemployment benefits in the United States dropped for the 11th straight week, but this was the 13th straight week that claims have totaled above 1 million.

U.S. President Donald Trump has renewed his threat to cut ties with China, a day after his top diplomats held high-level talks with Beijing.


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