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Gold Futures Settle Modestly Higher On Safe-haven Appeal

Gold Futures Settle Modestly Higher On Safe-haven Appeal

Gold prices edged higher on Friday after risk appetite waned a bit and investors sought the safe-haven asset following a surge in the death toll and the number of infections from the coronavirus outbreak.

Meanwhile, the dollar extended its move up north, rising to 98.71. The dollar index was last seen at 98.68, up nearly 0.2% from previous close.

Gold futures for April ended up $3.40, or about 0.2%, at $1,573.40 an ounce.

On Thursday, gold futures for April settled higher by $7.20, or 0.5%, at $1,570.00 an ounce.

Gold futures shed about 0.9% in the week.

Silver futures for March ended down $0.126 at $17.692 an ounce, while Copper futures for March settled at $2.5530 per pound, down $0.0400 from previous close.

According to reports, the death toll from the deadly coronavirus rose to nearly 650, including Dr Li Wenliang, who had been threatened by police for warning about the virus early last month.

According to Chinese state media, President Xi Jinping told U.S. President Donald Trump on the phone today that Beijing has “spared no effort in fighting the epidemic” and that “the long-term trend of China’s economic development for the better will not change”.

Meanwhile, China’s central bank vowed further support for the world’s second-biggest economy after analysts said the outbreak will knock 2 percentage points, or more, off its first-quarter growth, from 6%.

In economic news, data released by the Labor Department showed employment in the U.S. jumped by 225,000 jobs in January following a revised increase of 147,000 jobs in December. Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.

Despite the stronger than expected job growth, the unemployment rate inched up to 3.6% in January from 3.5% in December, the data showed. Economists had expected the employment rate to remain unchanged.

The material has been provided by InstaForex Company – www.instaforex.com