Gold futures turned lower on Friday, but held ground above $1,800 an ounce, on track to score a fifth weekly gain in a row as the spread of coronavirus in many U.S. states and other countries raised the need to hedge against risk amid continued uncertainty over the economic outlook.
“With bullion on the cusp of five consecutive weeks of gains, the precious metal is reflecting the dynamics between hopes surrounding the global economic recovery and enduring concerns over the persistent nature of the pandemic,” said Han Tan, analyst at FXTM, in a note.
