Gold up after investors digest US jobless numbers
LONDON: Gold was up on Asia on Friday morning, continuing its gains of around 2% from the previous session.
Gold futures were up by 0.07% at $1,726.95 by 12:01 PM ET (5:01 AM GMT), clawing back its slide of 0.2% earlier in the session.
Investors sought the safe-haven yellow metal after the U.S. said on Thursday that 3.169 million Americans claimed unemployment last week. The country now has an unemployment rate of 16% as more than 31 million people have lost their jobs since late March.
Gold rose alongside stocks, even though the two usually share an inverse relationship.
Investors were also monitoring the possibility of first-ever negative U.S. interest rates.
Although the U.S. Federal Reserve questioned the appropriateness of the rates, it could be forced to increase stimulus measures, even introducing negative rates, should the economic situation worsen.