By Alex Ho
Gold prices dropped on Friday in Asia as equities rebounded.
Gold Futures for April delivery on the Comex exchange slid 0.7% to $1,640.05 by 12:55 AM ET (04:55 GMT).
Despite the losses today, gold prices still traded sharply higher this week, gaining over 8% and heading for its biggest weekly gain in over a decade as the total number of coronavirus cases across the world continued to rise.
The U.S. has now overtaken China for the most confirmed cases worldwide, as infections in New York surged.
Prior to the fall today, the yellow metal attracted some safe-haven demand overnight and gained about 1% after the Labor Department reported a record 3.28 million Americans filed for first-time unemployment benefits, signalling that the labor market could take a lot longer than anything afforded by the stimulus.
Separately, the Senate approved a stimulus package on Wednesday, the biggest of its kind ever. It’s expected to pass through the House and be signed into law by the end of the week.
While the official price tag on the package is $2 trillion,White House Economic Adviser Larry Kudlowsaid overnight that the stimulus could be as high as $6 trillion.
