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