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Gold prices fell from its two-week high perch on Friday in Asia amid a recovery in equities.
Gold Futures for April delivery last traded on the Comex exchange at $1,640, dropping by 0.7% by 12:55 AM ET (04:55 GMT).
Despite the day’s losses, gold trade at a high above 8% for the week and has seen its biggest weekly gain since a decade.
Earlier, the safe-haven asset gained by 1% amid a major increase in demand overnight after news from the Labor Department reported near 3.28 million U.S. citizens had filed for unemployment benefits.
Additionally, the U.S. Senate had managed to reach a deal on a massive stimulus package on Wednesday and is expected to be on its way to the voting stage and later signed into law by the week’s end.
While the agreement for the stimulus package amounted to $2 trillion, White House Economic Adviser Larry Kudlow said that it might go as high as $6 trillion.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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