Gold prices inched up on Friday as a rally in global stock markets briefly stalled due to worries over the economic impact from the coronavirus,. At the same time, investors awaited U.S. jobs data for indications on the country’s economic health.
Spot gold was up 0.1% at $1,568.21 U.S. per ounce, but was down about 1.3% so far this week, its biggest weekly loss since early November.
U.S. gold futures were also up 0.1% at $1,572.10 per ounce.
Worries over the virus, which has claimed almost 640 lives so far and has spread to many countries globally, pressured world markets which were on course for the best week for stocks since June.
Stemming bullion’s upside, the dollar rose to its highest since mid-October against key rivals.
The safe-haven metal was on track for its biggest weekly decline in three months on back of a series of solid U.S. economic data, including a drop in unemployment benefits.
If the data comes in as strong as expected, experts say, the market might not react that much, but should the data disappoint then the U.S. dollar could snap back and fall, which is supportive for bullion.
Elsewhere, palladium fell 0.2% to $2,341.13 U.S. an ounce, but was on track to post its first weekly gain in three.
Silver slipped 0.2% to $17.78 U.S. per ounce, set for its worst week in two months, while platinum rose 0.6% to $967.03 U.S. per ounce.
