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United Kingdom— Gold extended gains last Friday en route to its best week in nearly two months as investors sought safe-haven assets after US President Donald Trump tested positive for Covid-19.

Spot gold was up 0,5 percent at $1,915.34 per ounce by 0645 GMT, reversing losses from early Asian trade. US gold futures rose 0,3 percent to $1,922.20. Bullion has gained 2,9 percent so far in the week, heading for its biggest weekly percentage rise since the week ended August 7.

“The Trump Covid-19 diagnosis has caused an immediate spike in gold prices as investors rush to (safe-) haven positioning,” said Jeffrey Halley, a senior market analyst at OANDA.

“We expect risk-aversion will remain elevated . . . depending on how this situation evolves over the weekend, notably if more members of the US government’s senior leadership are diagnosed positive, gold could be set for an extended rally. — Reuters.