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Gold gains on U.S.-China worries; set for a weekly drop

Friday,   22-May-2020   09:01 AM (IST)

Gold prices inched up on Friday, after falling more-than 1% in the previous session, as rising concerns over U.S.-China relations weighed on risk appetite, although the metal still looked to be headed for a weekly loss. Spot gold climbed 0.1% to $1,727.43 per ounce by 0029 GMT, but was down about 0.8% for the week so far. U.S. gold futures rose 0.3% to $1,727.00. Asian shares were set to fall, tracking global equities that dropped after Beijing's plan to impose a new national security legislation on Hong Kong drew a warning from U.S. President Donald Trump. Underscoring the novel coronavirus' economic impact, initial claims for state unemployment benefits in the United States totalled a seasonally adjusted 2.438 million in the week ended May 16. U.S. economic data is likely to become grimmer as the effects of the pandemic become clearer, and it is difficult to know what the recovery could look like, New York Federal Reserve Bank President John Williams said. China will not to set an economic growth target for 2020 due to the pandemic and global uncertainties, a Bloomberg TV journalist said in a tweet, citing a Bloomberg News report. British consumer confidence in early-May fell to its joint-lowest level since the global financial crisis, despite moves by the government to start loosening its lockdown, a survey showed. Gold is seen as a safe-haven asset during political and economic uncertainties. Palladium gained 0.3% to $2,020.11 per ounce, while platinum   rose 0.4% to $835.31. Both the auto-catalyst metals were looking to post their best week since end-March. Silver climbed 0.2% to $17.09 and was set to rise for a third straight week.