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.
