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Gold Prices Drops from Two-Week Highs to Stay Below $1,650 Level


Friday, 27 March 2020 13:58 WIB

GOLDEMAS


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Gold prices dropped on Friday in Asia as equities rebounded.

Gold Futures for April delivery on the Comex exchange slid 0.7% to $1,640.05 by 12:55 AM ET (04:55 GMT).

Despite the losses today, gold prices still traded sharply higher this week, gaining over 8% and heading for its biggest weekly gain in over a decade as the total number of coronavirus cases across the world continued to rise.

The U.S. has now overtaken China for the most confirmed cases worldwide, as infections in New York surged.

Prior to the fall today, the yellow metal attracted some safe-haven demand overnight and gained about 1% after the Labor Department reported a record 3.28 million Americans filed for first-time unemployment benefits, signalling that the labor market could take a lot longer than anything afforded by the stimulus.

Source : Investing.com


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