By Barani Krishnan
Investing.com – Gold dug its heels into the $ 1,600 territory on Friday, ending its second week there, as investors turned again to the comfort of safe havens after epic U.S. job losses for March from the Covid-19 pandemic.
The United States lost 701,000 jobs in March as the pandemic bumped up the nation’s unemployment rate by the most in a month since 1975, the Labor Department said in its monthly employment report on Friday.
The report came on the heels of Thursday’s weekly jobless claims by the department that showed a record 6.6 million Americans filed for unemployment insurance for the week ended March 28.
on New York’s COMEX settled up $ 8, or 0.5%, at $ 1,633.70 per ounce. For the week, the futures contract also gained about 0.5%.
, which tracks live trades in bullion, was up $ 7.48, or 0.5% at $ 1,621.76 by 4:00 PM ET (20:00 GMT). For the week, bullion dipped 0.1%.
“Gold volatility will remain high over the coming weeks, and despite this down week, prices should be supported in the long term as the impact of Covid-19 intensifies across the world,” said Edward Moya, analyst at online trading platform OANDA.
”Fiscal and monetary stimulus will likely need to remain in place a lot longer and that should ultimately be the backbone of gold’s bullish stance.”
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.