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(Bloomberg) — Gold headed for its largest weekly decline in seven weeks as European nations, including the U.K., offered cautious signals they’ve passed through the peak of the coronavirus outbreak and U.S. cases rose at the slowest pace this month.U.K. Prime Minister Boris Johnson said the country was through the worst of the virus and pledged to deliver plans to lift the lockdown, while Italy, France and Germany all also outlined proposals to gradually ease restrictions. The European Central Bank stepped up its response to the coronavirus crisis by cutting funding costs for banks, but refrained from boosting its bond-buying program.“Demand for safe haven assets took a further dive” on Johnson’s comments despite a raft of weak economic data, Australia & New Zealand Banking Group Ltd. economist Kishti Sen said Friday in a note.Spot gold rose 0.1% Friday to $1,688.90 an ounce as of 9:39 a.m. in Sydney, after falling 1.6% Thursday. The metal was headed for its biggest weekly decline since March 13. Gold futures rose 0.1% after tumbling 1.1% Thursday on the Comex in New York.In other precious metals, palladium and silver both fell as much as 0.7%, while platinum fell as much as 1.2%For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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