Gold is stable ahead of US data and a stronger dollar

US, WASHINGTON (ORDO NEWS) — Gold prices stabilized with little change on Friday, as the dollar was curbed by a rise in investors as investors awaited employment data in the non-agricultural sectors in the United States to extract more indicators about the economic impact of the coronavirus pandemic.

Gold settled in immediate transactions unchanged at $ 1612.58 an ounce by 0834 GMT, after jumping 1.4 percent on Thursday as a record rise in the number of US jobless claims fueled concerns about the economic damage caused by the virus and led a demand for safe haven.

The yellow metal has fallen 0.5 percent since the beginning of this week, after jumping 8 percent the previous week. Gold fell in US futures 0.4 percent to $ 1631.40 an ounce on Friday.

Elia Spivac, foreign exchange analyst at DailyFX, said that gold was unable to form a rally due to the dollar’s overall appreciation.

The dollar is up 0.4 percent against major rival currencies, after hitting a one-week high earlier in the session on concerns about a global recession.

Gold has gained more than six percent since the beginning of this year, but it has witnessed great waves of selling recently, as a global decline in stocks stimulated investors to sell gold to obtain liquidity and cover buying positions by margin.

For other precious metals, palladium rose 0.6 percent to $ 2225.78 an ounce, while platinum fell 1.2 percent to $ 718.34 an ounce. The two metals tend to incur weekly losses.

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