LONDON: Gold prices were little changed on Friday as worries over an accelerating number of coronavirus cases countered a fillip to risk sentiment from positive US and Chinese economic data.
Spot gold was mostly unchanged at $1,775.06 per ounce by 1:40 p.m. EDT (1740 GMT). Most US markets are closed on Friday ahead of Independence Day on July 4. US gold futures edged down 0.2% to $1,787.30 per ounce.
"Central bank easing policies and uncertainty surrounding the second wave (of Covid-19) are sustaining gold prices," Bank of China International analyst Xiao Fu said, adding that despite a positive US jobs report, more data was needed to suggest the economy was on a strong footing.
Gold will likely trade in a tight range, but remains well supported above $1,750 an ounce, Xiao Fu said. Cases of coronavirus continued to increase globally, with more than 10.94 million people infected, while the United States reported a new daily global record number of cases.
"Geopolitical considerations are also to the fore," said Jeffrey Halley, a senior market analyst at OANDA. "With a holiday in the United States, and the weekend upon us, some haven-directed buying of gold is definitely evident."
Palladium rose 0.4% to $1,909.27 per ounce, while platinum climbed 0.8% to $809 per ounce, set for its first weekly gain in six. Silver gained 1% to $18.07 per ounce, heading for its fourth consecutive weekly gain.
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