Gold rose slightly on Friday as investors weighed the economic hit from the coronavirus outbreak and as financial markets stabilized a bit after a rout, but the bullion was still headed for its worst week in more than three years.
Autocatalyst metal palladium also rose as much as 8%, after having plunged nearly 28% on Thursday in a global selloff. It, however, was on track to record its biggest weekly fall ever. Spot gold was up 0.8% to $1,588.83 per ounce by 0703 GMT, having fallen more than 1% earlier. For the week, the precious metal is down 5.1% - the most since November 2016 - including Thursday's 4.5% slide.
US gold futures fell 0.1% to $1,589.20. "The recovery after panic selling across all asset classes has supported precious metals too," said Jigar Trivedi, a commodities analyst at Anand Rathi Shares and Stock Brokers in Mumbai, adding that fears over the wider spread of the virus supported the metal.
European and US stock futures are trading in positive territory and some of Asia's deepest losses were recovered by the end of a day where tight liquidity exaggerated moves.
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