06 August, 2020
Gold extended its rally on Thursday to within touch of the previous day's record peak, as the COVID-19 pandemic clouded the economic outlook and boosted bullion's safe-haven allure, though the rapid pace of gains could prompt some profit-taking. Gold's gains also came despite a slight uptick in the U.S. dollar, which also benefited from receding risk sentiment as investors awaited U.S. jobs data for confirmation on the state of the world's largest economy even as Washington remained deadlocked over a large relief package. The U.S. jobless claims are due at 1330 GMT+1, while payrolls figures will be released on Friday. Gold has rallied about 35% this year as it's considered an asset that should hold its value while the pandemic and money printing by central banks erode the value of others.