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Gold Heads for Weekly Gain Amid Virus Woes, Jobs Data
Friday, 3 July 2020 08:24 WIB | PRECIOUS METALS |GOLDEMAS

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

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