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Gold ticks higher amid coronavirus fears, here are today's prices in Dubai

Brijesh Patel/Bengaluru
Filed on June 19, 2020
Spot gold rose 0.2 per cent to $1,725.88 per ounce. - Photo by Shihab/KT

Palladium heads for second straight weekly decline.

Gold prices edged higher on Friday, with the metal's safe-haven demand supported by concerns over a second wave of coronavirus infections, although gains were limited by a stronger US dollar.

Spot gold rose 0.2 per cent to $1,725.88 per ounce by 0506 GMT. The bullion has fallen 0.3 per cent so far this week. US gold futures rose 0.2per cent to $1,735.10.

The precious metal is priced at Dh209.50 for 24K, Dh196.75 for 22K and Dh161 for 18K, per gram in Dubai.

"Gold prices seem to be in somewhat of an equilibrium at the moment. Balanced between geopolitical and COVID-19 concerns on one side, and economic recovery hopes and dollar strength on the other," said Jeffrey Halley, senior market analyst at OANDA.

"Gold continues to see patient buyers on dips to $1,710 to $1,715 an ounce, with equally patient sellers lying in wait on any spikes towards $1,740."

More than 8.38 million people have been reported to be infected by the coronavirus globally, with China reporting 32 new virus cases on Friday, 25 of which were reported in the capital city Beijing.

A surge in fresh infections in several US states and the imposition of travel curbs in Beijing to stop a new outbreak have renewed fears of a delay in economic recovery as countries reopen after conronavirus-induced lockdowns.

Simmering geopolitical tensions between North Korea and South Korea, and India and China also offered some support to bullion, which is often used as a safe-haven investment during times of political and financial uncertainty.

US President Donald Trump on Thursday renewed his threat to cut ties with China, a day after his top diplomats held talks with Beijing amid souring relations.

Meanwhile, the dollar index rose 0.1 per cent and was heading for its best week in a month.

Elsewhere, palladium dropped 1per cent to $1,905.22 per ounce and was on track for a second consecutive weekly decline.

Silver fell 0.7 per cent to $17.39, while platinum gained 0.6per cent to $809.22. - Reuters

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