Gold eases as yields tick up, but set for best week in five

Gold eases as yields tick up, but set for best week in five

Money Control

Gold

Gold inched lower on Friday as U.S. Treasury yields ticked up, though bets of a large U.S. stimulus kept the metal on course for its best week in five.

Spot gold fell 0.3% to $1,863.56 per ounce by 0233 GMT, retreating from its highest since Jan. 8 hit on Thursday. For the week, it was up 2% in what would be its biggest weekly gain since the week ended Dec. 18.

U.S. gold futures eased 0.1% to $1,863.90.

"Gold is struggling a bit due to a lift in nominal yields, which came off the back of strong U.S. jobless claims number, also the European Central Bank (ECB) came out a little less dovish than the market would like," said IG Market analyst Kyle Rodda.

Benchmark 10-year U.S. Treasury yields held firm above 1%, helping the dollar trade steady.

Disclaimer: This is an automatically aggregated article/story by a computer program and has not been created or edited by Newsdig.in.

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