2020.03.2710:52:00UTC+00Gold Dips On Profit Taking

Gold prices fell on profit taking Friday, but were set to post their best weekly gain since December 2008 on expectations that more countries will unveil some sort of stimulus packages to stem the economic damage caused by the coronavirus pandemic.

Spot gold eased 0.4 percent to $1,621.03 per ounce, after five straight sessions of gains. U.S. gold futures were down 1.6 percent at $1,624.50 per ounce.

The U.S. Federal Reserve has already slashed rates to zero and launched quantitative easing. The U.S. Senate has passed a $2.2tn emergency relief package aimed at mitigating the financial havoc caused by the coronavirus pandemic.

There is demand for more fiscal and monetary support after data showed a record high of more than 3 million Americans filed claims for unemployment benefits last week.

The dollar extended losses after G20 leaders pledged to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and do whatever it takes to overcome the pandemic.

The U.S. has now surpassed China and Italy with at least 82,100 reported coronavirus cases, but several analysts and health officials warned it's still the beginning.

There are now more than half a million cases of coronavirus reported in 202 countries and territories around the world.

China and the United States should "unite to fight" the deadly coronavirus pandemic, Chinese President Xi Jinping said in a call with U.S. President Donald Trump today.