Gold futures headed for the first gain in four sessions on Friday but were on track for a second straight weekly decline, as momentum in bullion buying has ebbed considerably despite an environment of rising cases of COVID-19 and tightening social restrictions.
Gold bulls say that fresh prospects for coronavirus relief may be offering some renewed support for buying precious metals.
On Thursday, Senate Minority Leader Chuck Schumer, D-NY., said Majority Leader Mitch McConnell, R-Ky., had agreed to restart negotiations over a new coronavirus aid relief package. Treasury Secretary Steven Mnuchin also said he is preparing to reach out to House Speaker Nancy Pelosi. Up to now, Republicans and Democrats were disputing the size and scope of a potential aid bill.
It isn’t clear if discussions will restart in earnest but commodity investors may find the recent reports sufficient reason to buy gold on the back of more funds being