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%.