Gold sees modest price gains as risk aversion keener

(Kitco News) -  Gold futures prices are trading firmer in early U.S. dealings Friday. Some safe-haven demand is featured, as traders and investors are a bit more nervous on this last trading day of the week. February gold futures were last up $6.20 at $1,843.40 and March Comex silver was last up $0.021 at $24.11 an ounce. 

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Risk aversion is keener heading into the weekend, amid worrisome developments. Even though the U.S. is ready to roll out the just-approved by the FDA Covid-19 vaccine to the public, the daily death toll from the virus continues to rise and hit records. Thursday there were over 3,000 deaths in the U.S., while at the same time some states are starting to clamp down tighter their restrictions on businesses and the public. It had been the case where the marketplace was looking over the horizon at the pandemic being quashed by the middle of 2021 and life being back close to normal by the end of next year. However, it appears the marketplace on this day is focusing on the very tough road that lies just ahead, which sees a very dark Covid winter for many the Northern Hemisphere countries.

Another negative on this last trading day of the week is that hopes have once again rapidly faded that the U.S. Congress will soon pass a financial aid package for Americans. Earlier this week attitudes on the matter were much more positive. Now it looks like no agreement between Democrats and Republicans is on the horizon.