By Barani Krishnan
But guessing the market’s near-term direction remains difficult for investors due to the sheer uncertainty of the epidemic and alternative safe-haven choice offered by the .
on New York’s COMEX settled Friday’s trade up $7.60, or nearly 1%, at $1586.40 per ounce. It also gained 1% on the week.
, which tracks live trades in bullion was up $6.29, or 0.4%, at $1,582.38 by 3:30 PM ET (20:30 GMT).
“The dollar index and headlines on U.S. politics, interest-rate changes and the stock market have added to the coronavirus news, resulting in gold’s see-saw this week,” said George Gero, precious-metals analyst at RBC Wealth Management in New York. “But don’t count out gold as it’s serving well as a hedge to the Covid-19 despite the dollar’s strength.”
The dollar index, which pits the greenback against a basket of six currencies, showed a reading of 99, up 0.4% on the week.
Confusion reigned over the spread of Covid-19 after Chinese authorities took over 100 presumed victims off the official death roll on Friday, saying they had double-counted.
The overall death toll still rose by over 100 to 1,383, while officially confirmed cases in China rose by some 5,000 to over 64,000. That’s a big drop from the 15,000 increase reported on Thursday, which was due to changes in China’s methodology for classifying confirmed cases.
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