The stability of global gold prices ... heading for the worst week since September
Global gold prices stabilized in a narrow range today, Friday, supported by concerns about the economic consequences resulting from the escalation of COVID-19 cases, but the yellow metal is heading towards its first weekly loss since September, as it supported hopes for a vaccine for high-risk assets earlier this week.
In spot trading, gold rose 0.2% to $ 1879.11 an ounce, and in the week, gold fell 3.7%.
US Gold Futures gained 0.2% to $ 1877.10.
"There is some limited shift in the psyche of the market," said Edward Meer, analyst at ED&F Capital Markets, adding that people realize that a large distribution of the vaccine will take time while the need to create a state of relief is immediate.
And the clearest statistics by Reuters is that Coronavirus cases have increased by more than 100 percent in 13 US states over the past two weeks, while the number of cases globally has exceeded 52.45 million, which supports the need for more stimulation.
"The fact that there is no stimulus coming seems to curb (gold) ... if Congress does indeed reach a limited package, that would be beneficial," Mir said.
Meanwhile, the presidents of the US Federal Reserve and the European Central Bank warned that the economic outlook remains vague.
The dollar index settled, but it is on track of achieving a weekly gain of 0.8%.
As for the other precious metals, silver stabilized at $ 24.22 an ounce, platinum rose 0.7% to $ 885.60, while palladium rose 0.5% to $ 2342.45.
