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Gold steadies in tight range as virus fears offset solid US jobs data

Spot gold was unchanged at $1,775.12 per ounce by 0232 GMT. U.S. markets are closed on Friday for observing Independence Day on July 4.

July 03, 2020 / 04:26 PM IST

Gold was flat, trading in a narrow $4 range on Friday, as worries over surging coronavirus cases globally and lingering trade tensions between the United States and China overshadowed strong U.S. jobs data.

Spot gold was unchanged at $1,775.12 per ounce by 0232 GMT. U.S. markets are closed on Friday for observing Independence Day on July 4.

U.S. gold futures eased 0.1% to $1,787.80.

"Nagging doubts appear to remain in investors' minds about the explosion of Covid-19 cases in the U.S. sunbelt states and it's possible negative effect on the recovery going forward," said Jeffrey Halley, a senior market analyst at OANDA.