Gold Up, But Gains From Powell Speech Capped by COVID-19 Worries…LIVE NEWS UPDATE BY ROYAL TRADERS


 Gold was up on Friday morning, with the sheen from the U.S. Federal Reserve’s new monetary policy overshadowed by data suggesting an COVID-19-induced economic slump.

Gold futures were up 0.80% at $1,948 by 12:55 AM ET (5:55 AM GMT).

Gold initially faced pressure as longer-term U.S. Treasury yields jumped to their highest level in months and strengthened the dollar.

But after U.S. data released on Thursday showed that 1.006 million initial jobless claims were filed over the past week, gains were capped over fears of a stall in the labor market recovery.

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