Gold set for third straight weekly gain as virus cases soar

GOLD - SINGAPORE. Gold prices were headed for their third consecutive weekly gain on worries about rising global cases of the novel coronavirus, although prices see-sawed on Friday after a firm dollar and a gain in equities countered safe-haven demand.

Friday (26/6) at 11.15 WIB, spot gold was steady at US$ 1,760.73 per ounce. The bullion has risen more than 1% so far this week, with prices scaling a near eight-year high of $1,779.06 on
Wednesday (24/6). 

U.S. gold futures rose 0.2% to US$ 1,770.90 per ounce.

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"The amount of money pumped in by governments definitely supports gold as a safe haven with this COVID-19 situation still around," said Brian Lan, managing director at Singapore dealer GoldSilver Central, amid low interest rates globally.

But gold is seeing some profit-taking after almost reaching the US$ 1,780 mark due to the overall strength of the dollar and stocks, Lan added. 

The dollar has pared a large part of this week's losses. Asian stock markets ground higher, but are set to end the week little changed as surging COVID-19 infections offset encouraging economic data. 

Cases have been rising across the United States, while over 9.51 million people have been infected globally, according to a Reuters tally.