Gold Steadies in Tight Range on Virus Fears

Prices for gold were flat, trading in a narrow $4 range on Friday, as worries over surging coronavirus cases globally and lingering trade tensions between the United States and China overshadowed strong U.S. jobs data.

Spot gold was unchanged at $1,775.12 U.S. per ounce. U.S. markets are closed on Friday for observing Independence Day on July 4.

U.S. gold futures eased 0.1% to $1,787.80.

Florida reported more than 10,000 new COVID-19 cases on Thursday, while over 10.76 million people have been infected worldwide.

Markets also kept a wary eye on China’s trade relations with the United States.

More than 75 members of the U.S. Congress sent a letter to President Donald Trump urging him to take make a formal determination on whether China’s treatment of Muslim Uighurs and other groups constitutes an atrocity.

Gold is considered a safe store of value during political and financial uncertainty.

Stateside, the U.S. economy created jobs at a record clip in June, but 31.5 million Americans were collecting unemployment cheques in the middle of the month.

Palladium was steady at $1,901.44 U.S. per ounce, while platinum rose 0.5% to $806.63, set for its first weekly gain in six.

Silver gained 0.6% to $17.90 U.S., heading for its fourth consecutive weekly gain.