The U.S. sentiment—Trump’s threats of retaliatory measures on China’s goods—and bleak economic prospect in months ahead heightened gold’s appeal as a safe haven. Following Trump’s threat, gold surged 1% on Friday, May 04, 2020 but, gold bullion was hardly moved from its worst week since mid-March with respect to economic quarantine to contain the virus.
Gold picked up 0.9% to USD1,695.21 per ounce, while the U.S. gold futures rose 0.4% at USD1,700.90 as investors diversified their assets into gold as a typical hedge against losses in global markets. (CNBC)