Gold futures recovered above $ 1,700 an ounce on Friday as renewed concerns over the coronavirus pandemic and its effects on the global economy boosted Haitian demand for metal, but prices have always posted a loss for the week.
“The usual uncertainty surrounding the coronavirus and the attempt to understand what everyone is facing prevails again,” said Jameel Ahmad, global head of monetary strategy and market research at FXTM.
However, the Center for Infectious Disease Research and Policy report warns that the coronavirus pandemic is likely to last up to two years, “he said. This would support the demand for refuge gold.
Gold for delivery in June
up $ 6.70, or 0.4%, to $ 1,700.90 an ounce, after losing 1.1% a day ago. The metal, based on the most active contracts, gained 6.1% in April, but lost about 2% this week, according to data from FactSet.
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Risk sentiment prevailed among investors on Friday, with optimistic US economic data and losses in the stock market contributing to higher gold prices. The Institute for Supply Management said its manufacturing index fell to 41.5% last month from 49.1% in March. It’s the lowest since April 2009.
Meanwhile, US stock markets, after making the best monthly gains since 1987, traded sharply lower on Friday as gold futures moved in, as investors sought clarification on the future. the aftermath of the COVID-19 pandemic that infected more than 3 million people. worldwide and killed more than 200,000 people worldwide.
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In addition to this, the markets have digested President Donald Trump’s threats to raise tariffs or to fight back against China for its management of the epidemic of the new strain of coronavirus, which was first identified in Wuhan.
Meanwhile July money
lost 3.5 cents, or 0.2%, to $ 14,938 per ounce, following a 5.8% gain in April, the largest since October. For the week, prices are down more than 2% from the most active contract settlement a week ago.
Other metals fell, with copper in July
down 1.4% to $ 2.312 per pound, prices of the most active contracts falling 1.1% for the week, July platinum
losing 4.8% to $ 773.90 an ounce, finishing a tenth of a dollar higher for the week and June palladium
at $ 1,887.80 an ounce, down 3.5% for the session to record a weekly loss of 4.9%.