Gold prices fall off 2-week highs amid equities recovery

Gold prices fell from its two-week high perch on Friday in Asia amid a recovery in equities.

Gold Futures for April delivery last traded on the Comex exchange at $1,640, dropping by 0.7% by 12:55 AM ET (04:55 GMT).

Despite the day’s losses, gold trade at a high above 8% for the week and has seen its biggest weekly gain since a decade.

Earlier, the safe-haven asset gained by 1% amid a major increase in demand overnight after news from the Labor Department reported near 3.28 million U.S. citizens had filed for unemployment benefits.

Additionally, the U.S. Senate had managed to reach a deal on a massive stimulus package on Wednesday and is expected to be on its way to the voting stage and later signed into law by the week’s end.

While the agreement for the stimulus package amounted to $2 trillion, White House Economic Adviser Larry Kudlow said that it might go as high as $6 trillion.