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Gold rose on Friday as bargain hunters took advantage of the previous day’s slide that exceeded 3,5 percent, but the precious metal was on track for its biggest weekly decline since November 2016.

Palladium rose as much as 11,5 percent, a day after a 28 percent plunge, and was heading for its biggest weekly percentage decline ever. Spot gold was up 0,2 percent at $1,580.24 per ounce by 10:23 a.m. EDT (1423 GMT). For the week, it was down about 5,8 percent. US gold futures fell 1 percent to $1,573.90.

“Gold is regaining some ground because people are seeing yesterday’s sell off as overdone, so there is basically bargain hunting considering risk related to coronavirus and its impact on global growth,” said Julius Baer analyst Carsten Menke. – Reuters.