Gold slipped in holiday-thinned trade on Friday as optimism over economies easing coronavirus lockdowns prompted investors to book profits, keeping bullion on track for its worst week in more than a month.
FILE PHOTO: A customer shows a piece of gold for sell at a goldsmith, as the demand for cash increased after the partial shut down caused by the outbreak of the coronavirus disease , in Bangkok, Thailand, April 16, 2020. REUTERS/Jorge Silva/File Photo
“People are taking profits before the weekend because many countries plan to reopen their economies, which is negative for gold over the short term,” said Stephen Innes, chief market strategist at financial services firm AxiCorp. “The virus is far from over, but the wave of positive news had taken some air out of gold’s wings,” said Edward Moya, a senior market analyst at broker OANDA.
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