NEW YORK: Gold fell on Friday, hovering near last session's over two-month low, as investors sought shelter in the dollar from rising coronavirus cases and uncertainties over the next US stimulus to aid the economy.
Spot gold was down 0.2% to $1,864.39 per ounce by 1:49 p.m. EDT (1749 GMT), while US gold futures settled down 0.6% at $1,866.30 per ounce.
"The Republicans and Democrats are on the same page about putting some stimulus but they are not being able to decide the amount and that uncertainty is pushing investors towards the dollar," said Edward Moya, senior market analyst at OANDA in New York.
For the week, gold is down about 4.4% so far, the most in at least six weeks, as the dollar was set for its best week since early April.
The risk for gold bugs is limited to an extension of the global risk-off that catalyzed the dollar's breakout, TD Securities analysts said in a note.
Platinum edged down 0.1% to $847.81, while silver fell 0.8% to $23.02 per ounce. Both metals were headed for their worst week since March 20. Palladium was down 0.2% at $2,221.20 per ounce.
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