Gold Gains Slightly But Set to Post Second Consecutive Weekly Decline
Arslan Butt • 1 min read
Gold prices posted a slight improvement early on Friday but are all set to post a weekly decline for the second consecutive week as markets remain concerned about the economic impact of the coronavirus pandemic worldwide. At the time of writing, GOLD is trading at a little above $1,483.
Gold prices weakened by over 1% in the previous session and have lost nearly 3% of their value so far this week as a result of the panic selling in markets as investors rushed towards the US dollar in search of liquidity. Several governments and central banks around the world have rolled out stimulus measures to protect their economies from the threat of recession amid the coronavirus crisis, helping reassure markets and further weakening the safe haven appeal of the precious metal.
Economic activity across the world is on a slide as the number of infections and the death toll continue to climb higher. So far, over 200,000 cases of coronavirus have been confirmed worldwide while the number of dead has risen to 3,000. Italy have overtaken China in terms of the death toll despite having far lesser number of cases, driving greater worries about the pandemic.