Gold Holds Steady Amid Virus Surge
Gold prices held steady on Friday and were headed for a third weekly gain amid continued worries over the spread of Covid-19. As the U.S. hits a new record for daily coronavirus cases, analysts expect the Fed to add more stimulus.
Spot gold edged down marginally to $1,763.02 per ounce, after having risen more than 1 percent so far this week. U.S. gold futures were up 0.2 percent at $1,774.35.
Over 50 new coronavirus cases were reported in Japan’s capital as international flights resumed from the country today, local media reported.
It was the third day of more than 45 cases in the capital, where restrictions were lifted towards the end of May.
Victoria, Australia’s second-most-populous state, recorded its tenth straight day of double-digit growth in virus cases.
Over 9.5 million people have been infected globally, while the global death toll from the virus topped 484,000, according to the U.S-based Johns Hopkins University.
The United States has the highest case count in the world, with 2,410,279, including 122,370 fatalities and 656,161 recoveries.
Bank of Japan Governor Haruhiko Kuroda noted that “there are significant uncertainties over the outlook for the economy.”
The coronavirus pandemic “continues on a global basis, and concern about a second wave of the virus has increased recently.”