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Gold Holds Steady Amid Virus Surge

Gold prices inched higher on Friday but headed for the first weekly drop in three amid waning stimulus hopes.

Spot gold edged up 0.1 percent to $1,909.95 an ounce, while U.S. gold futures were up 0.3 percent at $1,914.45.

Markets remain on edge amid a lack of progress towards a U.S. fiscal stimulus deal.

U.S. Senate Majority Leader Mitch McConnell rejected the push for higher coronavirus stimulus deal, hours after President Trump told FOX Business he was willing to raise his spending offer above the White House's current $1.8 trillion proposal.

On the Covid-19 front, new coronavirus infections are hitting about 100,000 a day in Europe, compared with more than 51,000 in the United States.

London will enter a tighter Covid-19 lockdown from midnight today, while a nighttime curfew will take effect in some French cities starting Saturday.

The daily rise in infections surged past 7,000 for the first time ever in Germany, smashing the previous record set just the day before.

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