Gold has gained 1.8% so far this week as investors worry a recovery from coronavirus-induced economic slump will be slower than expected
Gold bars and others precious metals are pictured at the Agosi factory in Pforzheim, southwestern Germany. Picture: AFP/PATRICK HERTZOG
“It's been clear, as more economic data is released, that some of the damage that has been done [to the global economy] would take much longer to repair than expected,” said Michael McCarthy, chief strategist at CMC Markets. An already-dismal near-term US economic outlook has darkened further, a Reuters survey showed. While a recovery is still forecast in the second half of the year, it will not come close to regaining the ground it lost this year.
US President Donald Trump said on Thursday the pandemic had cast a pall over his January trade deal with China, and suggested he could even cut ties with Beijing.
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