By Barani Krishnan
Investing.com - Gold came within striking distance of $1,700 per ounce on Friday as fears over the growing coronavirus contagion drove investors worldwide toward safe havens, setting the yellow metal up for its best week in 11 years, before profit-taking set in.
Gold futures for April delivery on New York’s COMEX were down $3.60, or 0.2%, at $1,664.40 per ounce. They earlier hit a session high of $1,690.65, coming less than $10 of gold bugs’ target of $1,700.
Spot gold, which tracks live trades in bullion, was at $1,663.91, down $8.47, or 0.5%. The session high was $1,690.03.
Gold futures were still up 6.2% for the week, heading for their biggest weekly gains since January 2009, while bullion climbed 4.9%, as the coronavirus claimed more than 3,000 lives worldwide and infected more than 100,000.
In the United States, where the pandemic is steadily growing, 14 people have died and more than 200 have been infected.