Gold flat as dollar, yields firm ahead of US inflation data
[BENGALURU] Gold prices were flat on Friday, as an uptick in the dollar and US Treasury yields pressured bullion, while investors awaited crucial US inflation data later in the day.
Spot gold was mostly unchanged at US$1,896.71 per ounce by 12.54am GMT. Bullion has risen 0.8 per cent so far this week and was on track for its fourth straight weekly gain.
US gold futures edged 0.1 per cent higher to US$1,899.50 per ounce.
The dollar index was up 0.1 per cent against rivals, making gold more expensive for other currency holders.
The US 10-year Treasury yield rose to 1.617 per cent, increasing the opportunity cost of holding non-interest bearing gold.
Data on Thursday showed the number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
A separate report from the Commerce Department confirmed economic growth accelerated at a 6.4 per cent annualised rate last quarter.
Federal Reserve Bank of Dallas President Robert Kaplan said the labour market was tighter than levels of employment suggest.
Investors now await the monthly US personal consumption report due later in the day to gauge inflationary pressure.
Fed officials have recently downplayed rising price pressures and affirmed their support to keep monetary policy accommodative for some time.
Japan's unemployment rate crept up and job availability slid in April, data showed, underscoring the pain that the country's prolonged battle with Covid-19 is inflicting on the economy.
Palladium was steady at US$2,806.21 per ounce, silver eased 0.1 per cent to US$27.84 and platinum rose 0.1 per cent to US$1,180.81.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates