Gold Price Rises After Trump Test Positive For COVID-19

Gold Price Rises After Trump Test Positive For COVID-19

Gold Price Rises After Trump Test Positive For COVID-19

(Reuters) – Gold rallied on Friday and could see a nearly two-month maximum weekly rise as news of a positive coronavirus test from US President Donald Trump prompted a flight into safe haven assets.

The spot gold price rose 0.13% to $ 1.907.6 per troy ounce by 13:25 Moscow time.

Gold is up 2.5% this week, the highest weekly percentage gain since early August.

“Now it will be a wait-and-see game, gold will attract a certain number of buyers. This is definitely not the market where I see an appetite for selling gold,” said Saxo Bank analyst Ole Hansen.

Trump said on Friday that he and First Lady Melania Trump tested positive for coronavirus.

“It's basically a question of how things will unfold – will it be a disease like (British Prime Minister) Boris Johnson or (Brazilian President) Jair Bolsonaro, will it pass without any real consequences,” Hansen added …

Investors are also focused on data on the number of jobs outside the US agricultural sector, expected later on Friday.

Palladium fell 1.04% to $ 2,292.99 an ounce, while silver slipped 0.28% to $ 23.83 an ounce. The platinum price dropped 1.26% to $ 884.7.

(Nakul Iyer, Bridgesh Patel and Arpan Vargese. Translated by Elizaveta Zhuravleva. Editor Marina Bobrova)

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