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Gold Edges Up Amid Virus Fears

Gold prices rose slightly on Friday and were on track to post their fifth straight weekly gain as the coronavirus continues to spread.

Spot gold edged up 0.2 percent to $1,806.57 per ounce, while U.S. gold futures were up half a percent at $1,812.45.

The United States again saw its sixth daily record for coronavirus cases in 10 days, with the surge driven largely by states in the South and the West that were among the first to ease restrictions established during the virus’s initial wave in the spring. At least six states set single-day case records on Thursday.

Some states are rolling back their reopenings, while others are ordering people arriving from hotspots to quarantine.

Greek authorities said they are ready to re-impose public and travel restrictions next week. Italy has banned entry to people coming from 13 countries.

Brazil and South Africa are also reporting rising virus cases. Record spikes of infections in Hong Kong and Tokyo fueled fears of a second wave hitting Asia.

Hong Kong is closing its schools again due to a spike in locally transmitted coronavirus cases. Australia said it would halve the number of citizens who can return home at any one time to relieve pressure on its quarantine system.

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