“Gold will remain range-bound in the short term. The market will wait through the weekend and look for news.” — Paul Ebeling
Gold held the 1,900 mark in trading Friday, with gains capped by a firm USD, but bullion remained headed for its biggest weekly rise in 8 wks as President Trump’s COVID-19 positive test tempered risk sentiment a bit.
Spot gold eased 0.2% to 1,900.40 oz by 1:42p EDT (1742 GMT). Prices were set to rise 2.2% on the wk for the biggest weekly percentage rise since early August.
US gold futures settled down 0.5% at 1,907.60.
Gold had risen to an over 1 wk high after President Trump said in a Tweet that he and his First Lady, Melania tested positive for the China virus
The White House assured Americans that the President was “not incapacitated.”
USD benefited from safe-haven inflows, capping gold’s upside.
Focus was also on the Congressional coronavirus relief aid deal. Gold can move back up if the Congress passes an aid/relief/stimulus bill, that seems to be what this market is hanging on to now.
Silver eased 0.6% to 23.73oz, platinum dropped 2% to 878.47 and palladium was down 0.1% to 2,313.68.
Have a healthy weekend, Keep the Faith!
