Gold closes lower despite coronavirus concerns

Gold futures closed lower on Friday, as the US dollar edged up against most of its peers, despite some pressure on stock markets and concerns about the coronavirus crisis.

US President Joe Biden said that things will get worse before they get better, after the Covid-19 death toll exceeded 400,000 victims, with more than 4,000 deaths in a single day.

The US manufacturing PMI rose to 59.1 points in December, beating forecasts of 56.6 points.

The US services PMI rose to 57.5 in December, also higher than forecasts of 53.3.

The dollar index rose against a basket of major currencies by 0.1% to 90.2 points as of 20:37 GMT, after hitting a high of 90.3 points and a low of 90.05 points.

Gold February futures fell 0.5% or $9.7, and closed at $1,856.2 an ounce, with today’s high at $1,870.8, and the low at $1,836.6.