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Gold set for first weekly gain in three on weakening dollar

Spot gold was steady at $1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $1,758.45 an ounce on Thursday.

April 09, 2021 / 08:19 AM IST
Global demand for gold bars and coins grew by 10 percent in the fourth quarter of CY2020

Global demand for gold bars and coins grew by 10 percent in the fourth quarter of CY2020

Gold on Friday held near a more than one-month peak scaled in the previous session, with bullion set for a weekly gain of over 1%, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in U.S. jobless claims.

FUNDAMENTALS

* Spot gold was steady at $1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $1,758.45 an ounce on Thursday.

* The metal has gained nearly 1.5% for the week so far, after posting losses in the previous two weeks.

* However, U.S. gold futures fell 0.1% on Friday to $1,756.20 per ounce.

Close

* The U.S. dollar fell to a two-week low against a basket of currencies after the number of Americans filing new unemployment claims increased for the second straight week, last week.

* U.S. Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell.

* Powell noted that an expected rise in prices this year is likely to be temporary, and warned that an uptick in COVID-19 cases could slow the recovery.

* The U.S. central bank intends to maintain its ultra-easy stance even though data suggest the economy revving up.

* The European Central Bank policymakers discussed a smaller rise in bond purchases, according to meeting accounts.

* U.S. Treasury Secretary Janet Yellen on Thursday encouraged major economies to add substantial new fiscal stimulus to ensure a robust recovery.

* Silver stood unchanged at $25.45 and was set for biggest weekly gain in four.

* Palladium was down 0.2% to $2,618.51. Platinum fell 0.3% to $1,225.95 but was set for its second straight weekly gain.
Reuters
first published: Apr 9, 2021 08:03 am

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