Gold
fell during the Friday’s trading, despite its trend to record the best weekly
performance since December 2008, where economic data contributed to increased
investors' hopes for more precautionary measures.
As
of 07:46 GMT, spot gold hovered around $1,618.42 an ounce, where the precious
metal hit the highest level today at $1,635.56.
The
yellow metal is heading for its best weekly performance since December 2008,
rising more than 8.0 percent in the week to date.
The
decline in the yellow metal witnessed after investors made a sell-off for
profit taking, as the metal soared on Thursday after a record rise in US
unemployment benefit applications due to the Coronavirus outbreak.
Economic
data showed yesterday that unemployment benefit applications jumped to a record
high of more than 3 million, on the back of layoffs as a result of the Covid-19
pandemic.
In
China, factory profits stumbled during the first two months of this year,
dropping 38.3 percent year-on-year to 410.7 billion yuan, the steepest
tumble on records.
The
Fed has taken unprecedented economic stimulus measures, and the U.S. Senate
passed a $2 trillion stimulus package to support the economy.
However,
investor fears about the Corona crisis persist, with the dramatic rise in
coronavirus infections and deaths toll.
The
number of global infections has risen to more than 536,000 and more than 24,000
deaths, according to the latest figures published by the Johns Hopkins
University map.
As
for other precious metals, silver slumped by 0.04 percent to $14.67 an ounce, heading
for the best weekly performance since 2008.
Palladium advanced by
0.67 percent to trade at $2,241 an ounce, while platinum went in the same
direction by edging up by 1.25 percent at $746.10, where the two metals have
increased by 44 percent and 22 percent respectively since the beginning of this
week.