Gold steadied near the $1,800 U.S. level on Friday after a sharp fall in the previous session, as worries over surging coronavirus cases and U.S.-China tensions underpinned its safe-haven appeal, although a stronger dollar capped gains.
Spot gold was up 0.1% at $1,797.52 U.S. per ounce overnight Friday. U.S. gold futures eased 0.1% to $1,797.30.
The U.S. currency held firm against its rivals, also benefiting from safe-haven inflows.
The United States reported at least 70,000 new COVID-19 cases on Thursday, a record daily increase for the seventh time this month, according to news media tallies.
New York Fed President John Williams said it could take a few years for the U.S. economy to recover from the damage caused by the pandemic, and it was not yet the time to think about raising interest rates.
Markets also kept a wary eye on China’s trade relations with the U.S., with Washington considering a ban on travel to the United States by all members of the Chinese Communist Party and their families.
Elsewhere, palladium dropped 1.3% to $1,970.52 U.S. per ounce, while platinum was steady at $824.17.
Silver fell 0.6% to $19.05 U.S., but was on track for a sixth consecutive weekly rise.
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