2020.11.1309:49:00UTC+00Gold Holds Steady As Vaccine Hopes Fade

Gold prices held steady on Friday amid safe-haven buying as fears intensified over the economic fallout from mounting Covid-19 cases in the U.S., Europe and Asia.

Spot gold edged up 0.1 percent to $1,879.15 per ounce, but was down nearly 4 percent for the week. U.S. gold futures were up 0.3 percent at $1,877.95.

U.S. Covid-19 infections hit fresh records and remained above 100,000 for an eighth consecutive day, prompting cities and states, including Chicago, Detroit and California, to slap new restrictions on public life.

In Europe, Germany's health minister said he expects that restrictions imposed to curb the coronavirus pandemic will continue through winter. France intends to keep lockdown for at least two more weeks.

The United Kingdom posted its biggest one-day jump in laboratory-confirmed coronavirus infections.

Spain's southern region of Andalusia is attempting to carry out mass testing in the areas of Ronda and Campillos.

Immunity to the virus is likely lower than previously estimated, Sweden's top epidemiologist and architect of its unorthodox pandemic strategy said as new infections and hospital admissions surged in the country.

European officials have warned against complacency and said measures to control infections must continue despite recent positive news about vaccine development.

Fed Chairman Jerome Powell said during a discussion with other central bankers that he worries about the long-term impacts from the coronavirus pandemic.

White House coronavirus advisor Dr. Anthony Fauci said that a vaccine to bring an end to the pandemic now appears to be on the horizon, but it may not be enough to help eradicate the disease.

European Central Bank President Christine Lagarde cautioned Thursday that the region's economy still faced difficult times despite recent positive news on vaccine development.

"I don't want to be exuberant about this vaccination because there is still uncertainty", Lagarde said in a panel discussion.