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Gold prices surged, supported by concerns over the second wave of coronavirus infections, although a stronger U.S. dollar limited gains. Moreover, simmering geopolitical tensions between North Korea and South Korea, and India and China also offered some support to bullion.
Spot gold was trading 0.5 percent up at $1,731.51 per ounce by 0733 GMT, having touched a high of $1,744.91 last week, its highest since June 2. The metal had fallen 0.5 percent so far this week, however, it trimmed losses earlier in the session. U.S. gold futures rose 0.2 percent to $1,733.90.
Since last week more than 150 new cases have been detected in Beijing, stoking concerns about a return of global lockdowns as it prompted a lift in the city’s alert level and a reintroduction of travel restrictions. More than 8.38 million people have been reported to be infected by the coronavirus globally, with China reporting 32 new virus cases on Friday.
Data released on Thursday showed the number of unemployed remains high in the U.S. amid signs of a second wave of corporate layoffs due to large declines in revenue. Cleveland Federal Reserve Bank President Loretta Mester stated that it could take more than a year for the U.S. economy to return to pre-pandemic levels, with the gross domestic product falling by 6 percent in 2020 and the unemployment rate still around 9 percent by year’s end.
Moreover, U.S. President Donald Trump renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing. Investors also kept a wary eye on Australian trade ties, amid growing relation strains with China, over the handling of the coronavirus outbreak.
The greenback against a basket of currencies traded 0.05 percent down at 97.40, having touched a high of 97.58 on Thursday, its highest since June 4 and was heading for its best week in a month. The U.S. Treasury yields edged up, with the benchmark 10-year note yield trading at 0.722 percent, while the 2-year yield was at 0.197 percent
