Gold retracts from a week’s high as stocks rise despite Corona fears


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Gold fell from a peak of more than a week, today, Friday, at a time when the growing demand for shares due to hopes for global measures to mitigate the damage of the outbreak of the Corona virus, but the registration of new cases of infection curbed the losses of the precious metal and kept it on the path of achieving a weekly gain.

And gold fell in immediate transactions 0.1 percent to $ 1575.35 an ounce by 06:51 GMT, after touching the highest level since the fourth of February at $ 1577.89 earlier in the session.
And US gold futures settled at $ 1578.50, according to Reuters.

“The stock market ignored the negative sentiment and started moving up as investors reassessed the potential (economic) impact of the virus,” said Margaret Yangyan, analyst at CMC Markets, adding that the dollar’s rally is also putting pressure on the yellow metal.

Asian stocks are heading for their second weekly gains in a row, while the dollar index rose to the highest level in more than four months.

But analysts said that the demand for gold is still unaffected, while the number of deaths has increased in Hubei Province, China, with about 5,000 new cases recorded.

And the precious metal gained about 0.3 percent since the beginning of this week. And for other precious metals, palladium rose 0.4 percent to $ 2433.36 an ounce and is heading to record the best weekly performance in a month.

Silver gained 0.3 percent to $ 17.68, while platinum rose 0.2 percent to $ 969.28.


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