Gold futures end lower, but gain more than 2% for the week

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Gold futures fell Friday, pulling back after settling at a nearly two-week high a day earlier, as traders assessed the impact of President Donald Trump’s COVID-19 diagnosis. Prices, however, held ground above the key $1,900 mark to gain over 2% for the week. “Gold should thrive next week, as investors await to see how severe is President Trump’s coronavirus case, how many key officials have been exposed, if a disappointing nonfarm payroll report will push Congress to break the stimulus deadlock, and if the [Federal Reserve and European Central Bank] minutes to their policy meetings show they [are] almost ready to increase their asset purchases,” said Edward Moya, senior market analyst at Oanda. December gold fell $8.70, or nearly 0.5%, to settle at $1,907.60 an ounce. Based on the most-active contracts, prices rose 2.2% for the week, according to FactSet data.
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