Reportedly gold was flat, trading in a narrow $5-range on Friday, as worries over a global surge in coronavirus infections and lingering trade tension between the united states and china overshadowed strong US jobs data. Spot gold was mostly unchanged at $1,775.35 per ounce by 0647 GMT. US markets are closed on Friday ahead of Independence Day on July 4.
US gold futures eased 0.3 per cent to $1,785. “Nagging doubts appear to remain in investors’ minds about the explosion of COVID-19 cases in the US sunbelt states and its possible negative effect on the recovery going forward,” said Jeffrey Halley, a senior market analyst at OANDA. The united states reported more than 55,000 new infections on Thursday, a new daily global record in the pandemic that has infected more than 10.89 million people worldwide.
“Geopolitical considerations are also to the fore... with a holiday in the united states, and the weekend upon us, some haven-directed buying of gold is definitely evident,” Halley added. Markets also kept a wary eye on China’s trade relations with the United States. More than 75 members of the US congress sent a letter to President Donald trump urging him to make a formal determination of whether China’s treatment of Muslim Uighurs and other groups constituted an atrocity.
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