Golden Scout - Gold Rises on Poor U.S. Job Numbers, Rising COVID-19 Cases

Gold was up on Thursday morning in Asia, as investors looked to the save-haven asset on the back of weak U.S. jobs data, rising COVID-19 numbers, and as a hedge against a fall in stocks.

Gold futures edged up 0.19% at $1,809 by 1:03 a.m. (ET).

After recent falls on the back of promising COVID-19 vaccine news sending investors toward risk-positive assets, gold is back up as U.S. data highlights the ongoing reality of the coronavirus epidemic. Stocks reached record highs earlier in the week.

U.S. weekly jobless claims have risen for the second week running, with 778,000 claims filed, as opposed to the forecast 730,000. The numbers pulled back the optimism that had been fueling stocks and other risk-on investments, demonstrating that the effects of the COVID-19 pandemic are far from over yet.

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