2020.10.3018:37:00UTC+00Gold Prices Regain Ground Following Sharp Pullback

After moving sharply lower over the two previous sessions, the price of gold regained some ground during trading on Friday.

Gold for December delivery climbed $11.90 to $1,879.90 an ounce after slumping $11.20 on Thursday and plunging $32.70 on Wednesday.

The price of gold initially benefited from a pullback by the U.S. dollar, although the U.S. dollar index has since rebounded from a low of 93.65 and is up 0.1 percent at 94.05

Gold prices held on to their gains despite the rebound by the dollar, as the precious metal continued to benefit from its safe haven appeal amid a continued spike in coronavirus cases.

The number of new COVID-19 cases in the United States reached a new record high on Thursday, with health experts expecting cases to soar going forward and death rates to triple by mid-January.

88,521 new coronavirus cases were reported in the U.S. on Thursday, according to data from Johns Hopkins University, an increase of 9,540 cases compared to Wednesday.

Meanwhile, traders shrugged off some upbeat economic data, with a report from the Commerce Department showing personal income rebounded by more than anticipated in the month of September.

A separate report from the University of Michigan showed consumer sentiment improved slightly more than initially estimated in the month of October.