BENGALURU - Gold scaled a new all-time peak on Friday and was set for its ninth straight weekly gain, as demand was boosted by a softer US dollar, falling US Treasury yields and worries over the global economic fallout from rising Covid-19 cases.
Bullion is up more than 4.7 per cent so far this week. US gold futures rose 0.5 per cent to US$2,078.70. Benchmark 10-year Treasury yields fell to their lowest levels in five months, reducing the opportunity cost of holding non-interest bearing gold.Senate Majority Leader Mitch McConnell said the US economy needs an"additional boost" to cope with the fallout from the pandemic, as Republicans and Democrats remained far apart about what to include in another wave of coronavirus stimulus.
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