Gold Prices Inch Higher Amid Virus Worries
Gold prices rose on Friday as global Covid-19 infections topped 30 million and the dollar remained on track for a weekly decline against a basket of major currencies.
Spot gold rose half a percent to $1,953.51 per ounce and was on track for a second straight week of gains. U.S. gold futures were up 0.6 percent at $1,961.35 per ounce.
Global coronavirus cases passed 30 million, with the U.S., India and Brazil recording the largest number of cases.
The U.S. has 6,674,458 infections, followed by India, which has over five million cases, and Brazil with 4,455,386 cases.
Israel is entering a second nationwide lockdown to curb surging coronavirus cases, just as people begin to mark the start of Jewish New Year.
European governments are imposing strict local measures and weighing up further lockdowns in a bid to halt the growing second wave.
The number of new cases had doubled in more than half of European member states in the past two weeks and we have a very serious situation unfolding before us, Dr. Hans Kluge, regional director of The World Health Organization in Europe, said on Thursday.
Treasuries nudged higher and the dollar slipped after the U.S. Federal Reserve indicated this week that interest rates will stay low for years to come.