Gold Prices fall as U.S. reports record unemployment claims overnight

Gold Prices fall as U.S. reports record unemployment claims overnight

Gold prices fell on Asian markets on Friday after the U.S. released a report of rising unemployment claims.

Gold Futures fell by 0.31% at $1,632 per ounce at 9:30 PM ET (2:30 AM GMT), losing gains from the previous trading session.

The United States said on Thursday that a record 6.648 million people had filed for unemployment last week in contrast to an analysts’ expectation of around 3.5 million.

The surge in unemployment claims comes as the coronavirus pandemic continues to disrupt the global economy.

Investors have always retreated to the safe-haven commodity in times of economic uncertainty. However, the yellow metal had lost its shine after Asian stock markets started off with gains over rebounding oil prices.

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