(Updates prices)
* Platinum, palladium poised for best week ever
* Silver heads for its best week since 2008
* U.S. weekly jobless claims surge to record 3.28 mln
* Interactive graphic tracking global spread of coronavirus:
(open
in an external browser) https://tmsnrt.rs/3aIRuz7
By Harshith Aranya
March 27 (Reuters) - Gold eased on Friday after five
straight days of gains, but was still set for its largest weekly
rise since December 2008 on safe haven demand as the coronavirus
led to a surge in U.S. jobless claims and wreaked havoc on the
global economy.
Autocatalysts platinum and palladium, meanwhile, were poised
for their biggest weekly gains on record, as a lockdown in major
producer South Africa stoked supply worries.
Spot gold XAU= was down 0.6% at $1,619.79 per ounce at
01520 GMT. U.S. gold futures GCcv1 fell 1.5% to $1,626.40 per
ounce.
"There's some profit-taking after a strong rally," Bank of
China International analyst Xiao Fu said. "There's still
interest in gold as an inflation hedge and as a safe-haven. Over
the medium to long term, these two properties will be enhanced."
"Very short term, there is significant uncertainty in terms
of liquidity, and how people are responding to the policy
measures."
Gold has gained about 8% so far this week supported by the
biggest-ever jump in U.S. weekly jobless claims, and the U.S.
Federal Reserve's unprecedented economic stimulus measures.
European stocks fell, in a sign that traders were focusing
more on the outbreak than on policy measures. MKTS/GLOB .EU
The U.S. dollar was set for its biggest weekly fall in over
a decade. USD/
In a bid to soften the economic blow from the virus, the
U.S. House of Representatives is expected to pass a $2.2
trillion relief bill.
Leaders of the Group of 20 major economies also pledged on
Thursday to inject more than $5 trillion into the global economy
to limit job and income losses. Gold market participants also kept a close eye on physical
supply as virus-led lockdowns stalled supply chains.
China's net gold imports via Hong Kong halved in February
from the previous month, as the outbreak slowed activity.
Palladium XPD= dipped 3.1% at $2,259.18 per ounce, but has
risen 37% so far this week, while platinum XPT= rose 0.4% to
$739.04 and was up 20.8% for the week.
The South Africa lockdown is helping to compensate for the
drop in demand caused by the shutdown of car production, said
UBS commodities analyst Giovanni Staunovo.
Silver XAG= was down 0.3% to $14.34 per ounce, but was
heading for its largest weekly gain since 2008.
"Apparently investors see silver as a bargain given that the
gold/silver ratio has at times exceeded 120," Commerzbank
analysts said in a note.