Gold on the cusp of fourth straight weekly gain

Gold prices edged up on Friday, to extend gains for the second day, on safe-haven buying, which may help the precious metal to post its fourth straight weekly gain.

Gold rose 0.1% to $1,777.10, after opening at $1,775.21, and hit a session-low of $1,772.57.

The yellow metal gained 0.25% yesterday, to post its second daily gain in 3 days, after a record surge in coronavirus case in the US.

Gold has gained 0.5% so far during this week, to head for the fourth weekly gain, if the safe haven buying continued in the rest of the day, albeit, it is expected to be limited due to the US Independence Day holiday.

The safe-haven demand came due to growing concerns over the coronavirus pandemic in the US and the geopolitical tensions between the US and China.

Coronavirus infections rose to more than 73,000 cases on Thursday in the US, the third straight record increase, which may extend the US economy's recession for a longer period.

Yesterday, the US Senate agreed to impose sanctions on banks that deal with Chinese officials linked to the new Hong Kong National Security Law.

Gold stocks at the SPDR ETF rose 9.36 metric tonnes yesterday, with the total at the highest level since May 2013 of 1,191.47 metric tonnes.