Gold prices rose on Friday, extending the rally for the second straight day thanks to strong safe-haven demand, especially after the recent remarks by Federal Reserve Chairman Jerome Powell.

Gold prices rose 0.5% to $1,855.68 an ounce, after opening at $1,846.72 and hitting a low of $1,845.38.

The yellow metal gained 0.1% yesterday, and posted its second gain in days, within recover attempts from a 6-week low of $1,817.3

Federal Reserve Chairman Jerome Powell said yesterday that the bank will not raise the interest rate in no time soon, adding that the US economy is still far from the Fed's targets, and there's no reason to change the highly adaptive approach of the bank until the economy improves.

US President Elect Joe Biden promised a $1.9 trillion stimulus package to boost the economy from the Covid crisis. 

Gold stocks at the SPDR ETF fell 10.21 metric tonnes yesterday, with the total at the lowest level since June 12 at 1,161.00 MT.

European stocks fell on Friday, and pulled back from an 11-month high, on track for first daily loss in 3 days, on profit-taking and concerns over the rising Covid-19 infections in China, which overshadowed Joe Biden's reveal of a huge stimulus plan in the US.

The Stoxx Europe 600 index fell 0.5% as of 11:18 GMT, after it closed higher by 0.5% yesterday, and hit the highest since February 2020 at 412.46 points.

The pan European index opened lower today and pulled back from its 11-month high with most of the major European markets and sectors seeing red.

The energy sector saw the largest losses in Europe, with a drop of more than 1%, as oil prices fell in most global markets.

China reported the largest daily increase in new Covid-19 cases in more than 10 months, especially as new infections in the northeastern Heilongjiang province tripled.

While the US President-Elect Joe Biden, six days before his term at the White House kicks off, promised a $1.9 trillion stimulus package to boost the economy from the Covid crisis.

S&P 500 futures fell 0.5%, after the index closed lower by 0.4% yesterday at Wall Street, on profit-taking from its record high of 3,826.69 points.

Back to Europe, the Euro Stoxx 50 index fell 0.7%, France's CAC 40 fell 1.1%, the UK's FTSE 100 fell 0.9%, and Germany's DAX dropped 0.75%.

Oil prices fell on Friday, and pulled back from an 11-month high on profit-taking and renewed concerns about demand in China due to the rising Covid-19 infections in the country, which overshadowed Joe Biden's reveal of a huge stimulus plan in the US.

US crude fell 1.5% to $52.98 a barrel, after opening at $53.76, and hit a high of $53.81, and Brent crude fell 1.6% to $55.57 a barrel, after opening at $56.46, and hit a high of $56.52.

US crude yesterday rose 1.6%, near an 11-month high of $53.90, and Brent crude futures rose 0.8% after strong economic data in China.

China reported the largest daily increase in new Covid-19 cases in more than 10 months, especially as new infections in the northeastern Heilongjiang province tripled.

This spike is the equivalent to the number that led to imposing a full quarantine on more than 28 million people in Hubei province 8 months ago.

Most European countries are now under the strictest lockdown since the first coronavirus wave, especially after the UK identified the new Covid-19 strain.

RBC Capital Markets Bank said that oil market euphoria is unequivocally strong, but indicators from Asia are mixed, as China, the global engine of oil demand growth, is wrestling with fresh COVID outbreaks.

US President Elect Joe Biden promised a $1.9 trillion stimulus package to boost the economy from the Covid crisis on Friday.

Asian stock indices opened the fifth session of the week mostly lower with Japan, New Zealand, China, and South Korea down, while Australia, Hong Kong gained ground. 

US President Elect Joe Biden promised a $1.9 trillion stimulus package to boost the economy from the Covid crisis. 

The package includes direct financial help to families and companies suffering from the pandemic. 

From New Zealand, food prices rose 0.1% in December compared to a 0.9% drop in November. 

President Donald Trump signed a new executive order banning investments in companies related to the Chinese army, in turn stoking tensions with the Chinese government. 

Japan's TOPEX fell 0.51%, while Nikkei 225 declined 0.21% to 28,639. 

China's CSI 300 gave up 0.96%, while Shanghai slipped 0.53% to 3,546. 

Hong Kong's Hang Seng rose 0.26% to 28,570, while South Korea's KOSPI shed 1.30% to 3,108. 

New Zealand's NZX 50 slid 0.94%, while Australia's S&P/ASX 200 advanced 0.24% to 6,731.