Gold rises in NY

Reuters

NEW YORK: Gold gained on Friday as a rise in coronavirus cases raised concerns over a second wave which could compel governments to implement another lockdown. Spot gold was up 1.1% at $1,740.96 per ounce by 12:43 p.m. ET (1643 GMT), while US gold futures rose 1.3% to $1,752.80 per ounce.

Spot prices reached their highest since 2012 last month at $1,764.55. "There are continued upturns in COVID-19 (cases) throughout the South and Southwest of US with uptick in the hospitalization rate. ... That has caused a little bit of concern of another shutdown, which is benefiting gold," said Jeffrey Sica, founder of Circle Squared Alternative Investments.

So far this year, gold prices have risen about 15%, supported by safe-haven demand in the midst of concerns of economic slowdown and unprecedented amounts of government and central bank fiscal and monetary support.

Against a basket of currencies, the dollar index was up 0.2%. Elsewhere, palladium fell 1.0% to $1,905.54 an ounce and was on track for a second consecutive weekly decline.

Platinum gained 1.3% to $814.45 per ounce and was up 1.5% so far for the week. Silver was up 0.6% at $17.62 and was on track to mark a second week of gains.