Gold eased on Friday as investors booked profits after a 1% rise in the previous session, but weak economic data from the US and Europe due to the novel coronavirus kept bullion on track for a weekly gain.
“We’ve seen a little bit of a pullback on gold just because it was such a big rally last night,” IG Markets analyst Kyle Rodda said. The US House of Representatives overwhelmingly approved a $484bn coronavirus relief bill on Thursday, funding small businesses and hospitals and pushing the total spending response to the crisis to an unprecedented near $3-trillion.
Gold, considered a safe store of value during economic or political uncertainties, tends to benefit from widespread stimulus measures from central banks since it is seen as a hedge against inflation and currency debasement.
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