Gold prices gained on Friday buoyed by a weaker American dollar and lingering concerns over an economic recovery from the damage inflicted by the coronavirus pandemic that were underscored by elevated weekly U.S. jobless claims data.
Spot gold climbed 0.6% to $1,953.80 U.S. per ounce and was on track for a second straight week of gains, rising 0.7% so far. U.S. gold futures were up 0.7% at $1,963.60 per ounce.
Gold is being propped up by the weaker dollar, but at least one expert opines prices are likely to remain “in a lateral range between $1,860 and $2,000."
U.S. weekly jobless claims report on Thursday showed a smaller-then expected decline in new claims, weighing on the dollar and bolstering the appeal of gold as an investment alternative.
With the focus now on the U.S. presidential election on Nov. 3, any delay over its outcome could reignite the safe-haven play and potentially push gold to new record highs.
Silver rose 0.1% to $27.13 U.S. per ounce, while platinum rose 0.5% to $944.69 U.S. and palladium edged up by 0.1% to $2,337.81 U.S.
