* Spot gold up 0.3% for the week
* Gold yet to price in further economic risks - analyst
* Interactive graphic tracking global spread of coronavirus:
(Adds comments, updates prices)
By Nakul Iyer
Sept 18 (Reuters) - Gold prices gained on Friday, buoyed by
a weaker dollar and lingering concerns over the economic
recovery from the COVID-19 pandemic that were underscored by
elevated weekly U.S. jobless claims data.
Spot gold was up 0.2% to $1,946.73 per ounce at 1231
GMT, and was on track for a second straight week of gains,
rising 0.3% so far.
U.S. gold futures were up 0.4% at $1,957.20 per
"The overriding fundamental support (for gold) are real
yields, which are deeply negative and a weaker dollar ... but we
need a catalyst (to push it higher)," said Robin Bhar, an
The U.S. weekly jobless claims report on Thursday showed a
smaller-then expected decline in new claims, weighing on the
dollar and bolstering the appeal of gold as an investment
"The path into the post-pandemic era still poses downside
risks for the global economy, and if crystallized, could help
bullion realize more of its upside," FXTM market analyst Han Tan
Low interest rates globally and widespread stimulus measures
have helped gold gain over 28% so far this year, as they lower
the opportunity cost of holding non-yielding bullion and bolster
its appeal as a hedge against inflation risk.
Continuing the trend, the U.S. Federal Reserve vowed on
Wednesday to keep interest rates near zero for a long time.
On Thursday, the Bank of England said it was considering
negative interest rates, while the Bank of Japan signalled
readiness to ramp up stimulus.
"Gold is yet to price in further significant (economic)
risks - and those risks to me imply more upside for gold ....
Nothing is going to clear up quick enough for gold to tumble,"
Silver fell 0.9% to $26.86 per ounce, while platinum
dropped 0.8% to $932.80 and palladium fell about
1% to $2,312.83.
(Reporting by Nakul Iyer and Eileen Soreng in Bengaluru
Editing by Tomasz Janowski and Mark Potter)
Sat Sep 19 , 2020
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