Gold Inches Higher As Virus Cases Surge

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Gold prices rose on Friday and looked to be headed for their sixth consecutive weekly gain as surging coronavirus cases as well as rising tensions between Washington and Beijing fueled demand for safe havens.

The dollar is weakening after U.S. economic data released overnight proved to be a mixed bag.

Spot gold edged up 0.4 percent to $1,804.13 per ounce, while U.S. gold futures were up 0.2 percent at $1,804.20.

The United States reported more than 77,000 new Covid-19 cases on Thursday, while the number of deaths in a 24-hour period rose by nearly 1,000. Florida, South Carolina and Texas all reported their biggest one-day spikes.

Spain and Australia reported their steepest daily jumps in more than two months, while in Brazil, cases are surging by tens of thousands every day.

India crossed one million coronavirus cases even as the overall recovery rate continued to improve.

Meanwhile, reports suggest that the Trump administration is weighing a sweeping travel order banning members of the Chinese Communist Party and their relatives from entering the United States, in the latest escalation in tensions between the two countries.

China said it is “pathetic” for the U.S. to consider banning members of its Communist Party.

Earlier on Thursday, China said it will stick to the Phase 1 trade deal it had reached with the U.S. earlier this year, but warned it will respond to the “bullying” practices by the U.S. side.

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