Gold retreats to record its first weekly decline in three as U.S. Treasury yields rise

Gold retreated in Asian trade on Friday to post its first weekly decline in three as U.S. Treasury yields climbed.

Gold futures fell 0.7% at $1,723.95, following its one-week low one-week low performance of $1,721.46 on Thursday. Over the week, gold declined a total of 1% as the dollar posted a four-month high in the previous session before retreating a day after.

U.S. Treasury yields climbed as a result of poor demand during an auction of seven-year Treasury notes on Thursday.

A bond market sell-off within the next three months is a growing concern among investors in light of the trend in financial markets.

In other precious metals, silver improved 0.1%. Joining silver on the win column was palladium with a 0.2% gain. Platinum lost 0.1%.

The weekly unemployment claims in the U.S. posted a one-year low of 684,000, coming from 781,000 claims filed last week.