Gold down as dollar continues dampened recovery
Gold dropped on Friday in Asia but still recovering from the over one-week low hit in the last session. Retreating US bond yields and weaker-than-expected US economic data have also contributed to dampening the effect of the dollar’s recovery.
Gold futures dipped 0.6% to $1,804.35 by 1:09 AM ET (5:09 AM GMT) following its lowest level since July 12 at $1,791.16 on Thursday. The safe-haven asset has lost 0.2% in the past week, after reporting gains in the previous four weeks.
The dollar, typically moving inversely to gold, climbed up on Friday towards a three-and-a-half-month high. US Treasury yields went down on Thursday following a record low bid in a $16 billion auction of Treasury Inflation-Protected Securities.
Meanwhile, the latest US economic data have shown that 419,000 initial jobless claims have been filed throughout the previous week, higher than expected and a two-month high.
Going over to other precious metals, silvered inched down 0.1% to $25.42 per ounce, while palladium went up 0.3% and platinum remained steady at $1,092.44.