Gold dips over rising dollar, US Treasury yields as U.S. inflation data underway

28.05.2021 - Evdokimov Roman
Gold dips over rising dollar, US Treasury yields as U.S. inflation data underway

The safe-haven gold dipped on Friday trade in Asia as the dollar and U.S. yields rose, pressuring gold. This as investors await crucial U.S. inflation data to be released later in the day.

Gold futures lowered 0.08% to $1,894.10 by 11:52 PM ET. It came from breaching the $1,900 mark during the previous session. The dollar, which usually moves inversely to gold, rose on Friday and the benchmark U.S. 10-year Treasury yield added 1.617%.

Bullion has gained 0.8% so far during the week and is en route to its fourth consecutive weekly gain.

Based on the data released on Thursday, 406,000 initial jobless claims were filed throughout the week. The number reached a 14-month low as layoffs retreated.

Gross Domestic Product (GDP) of the U.S. was up by 6.4% quarter-on-quarter during the first quarter of 2021.

In other precious metals, palladium steadied at $2,806.21 per ounce. Silver lost 0.1% while platinum added 0.1%.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?