Spot gold rises as fears over recovery of global economy support safe haven assets
Bengaluru — Gold rose on Friday, having declined more than 1% in the previous session, as persistent concerns over the pandemic-led economic slump boosted the metal’s appeal, though gains were restricted by a jump in US Treasury yields.“Realistically, we are probably a year or two away from the economy really recovering again,” said Stephen Innes, chief market strategist at financial services firm AxiCorp.
Rising coronavirus cases has cast a shadow on hopes of a quick economic recovery and has prompted central banks to reduce interest rates and loosen their monetary stance, helping gold prices climb 28% so far this year. Data on Thursday showed the number of Americans filing new claims for unemployment benefits hovered around 1-million last week, suggesting the labour market recovery was stalling as the pandemic drags on.
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