Sun. Apr 18th, 2021

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Gold profits on austere US data

1 min read
Gold trading

On Friday, price of gold rose. It is due to the ghastly economic state of the US due to the COVID-19 pandemic. But moves by some countries to ease tough containment measures kept bullion on track for its worst week in a month and a half. The principal jockey behind rising price of gold is the sluggish labour market in the US.

Spot gold climbed 0.4% to $1,686.71 per ounce by 0454 GMT. Not to par some losses from a near 2% drop on Thursday. US gold futures eased 0.1% to $1,692.70 per ounce.

Governors in U.S. states hardest hit by the pandemic sparred with President Donald Trump over his claims they have enough tests and should quickly reopen their economies as more protests are planned over the extension of stay-at-home orders.

Wall Street fell at the open as energy shares took a hit from a crash in oil prices, with investors bracing for a week packed with earnings reports and economic data that could provide more evidence of the damage wrought by the coronavirus.

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