Gold Aims for 3rd Straight Upward Week as Virus Cases Soar

Gold prices were headed for their third consecutive weekly gain on worries about rising global cases of the novel coronavirus, although prices see-sawed on Friday after a firm U.S. dollar and a gain in equities countered safe-haven demand.

Spot gold was steady at $1,760.73 U.S. per ounce early Friday. The bullion has risen more than 1% so far this week, with prices scaling a near eight-year high of $1,779.06 on Wednesday. U.S. gold futures rose 0.2% to $1,770.90.

But gold watchers note gold is seeing some profit-taking after almost reaching the $1,780 mark due to the overall strength of the dollar and stocks.

The dollar has pared a large part of this week’s losses.

Asian stock markets ground higher, but are set to end the week little changed as surging COVID-19 infections offset encouraging economic data.

Cases have been rising across the United States, while over 9.51 million people have been infected globally.

Palladium gained 0.3% to $1,847.05 U.S. per ounce, but was heading for its worst week since May 1.

Platinum was flat at $803.52 U.S. Silver fell 0.9% to $17.71 U.S.