Gold headed for a fourth weekly gain as concerns over the resurgence of coronavirus cases countered better-than-expected monthly U.S. jobs data.

Texas ordered residents to wear masks, reversing course as it reported its second-most daily infections of the outbreak, while Florida’s largest county, Miami-Dade, will impose a curfew. The novel coronavirus is showing some signs of mutating in a way that may make it easier for the pathogen to spread, according to Anthony Fauci, the director of the National Institute for Allergy and Infectious Diseases.

Meanwhile, Thursday’s simultaneous release of the monthly employment report and the weekly jobless claims data offered diverging snapshots of the economy. One reflected a flurry of rehiring as state economies reopened and the other a jump in new virus cases, which has led many of those same states to halt or even walk back reopening plans. U.S. markets are shut for a holiday Friday.

Spot gold little changed at $1,776.33/oz at 7:47am in Singapore; +0.3% this week.

Source : Bloomberg