Dogecoin Stock- PRECIOUS-Gold eyes best week in five as U.S. yields pull back
* Gold gains more than 1% this week
* U.S. Treasury yields hover near a one-month low
* Silver rises 2.9%, palladium gains 3.6% for the week
(New throughout, adds comments, updates prices)
By Sumita Layek
April 16 (Reuters) – Gold prices firmed near a seven-week
peak on Friday, on course to register their best week in five,
as a retreat in U.S. Treasury yields and the dollar lifted the
Spot gold had risen 0.3% to $1,767.80 per ounce by
0945 GMT, having hit its highest since Feb. 26 at $1,769.37 on
Thursday. It is up 1.4% so far this week.
U.S. gold futures were steady at $1,767.10.
“We’re seeing gold going up mostly because yields are going
down and the dollar is weakening,” ActivTrades Chief Analyst
Carlo Alberto De Casa said.
The dollar eased against rivals, while benchmark U.S.
Treasury yields hovered near a one-month low hit in the previous
session. [US/] [USD/]
Gold’s gains came despite U.S. data showcasing robust retail
sales and a significant drop in weekly jobless claims and a
record growth in China’s first-quarter
The markets are trusting the Federal Reserve to keep
interest rates lower for longer, so even if inflation does jump
above 2% for a few weeks or months, central bank tapering is
still a bit farther and this is a pulling up bullion, De Casa
Easy monetary policy tends to weigh on government bond
yields, increasing the appeal of non-yielding gold.
The drop in 10-year yields below the key 1.60% mark “has
allowed spot gold to break above its 50-day simple moving
average (SMA) for the first time since early February,” FXTM
Market Analyst Han Tan said in a note.
“A decisive breach of its 100-day SMA, which currently
resides around the psychologically important $1,800, may just do
the trick as a clarion call for gold bulls to rush back in.”
Silver rose 0.4% to $25.95 per ounce, and was up 2.9%
for the week. Palladium slipped 0.4% to $2,730.77, but
gained 3.6% for the week. Platinum was steady at
Keywords: GLO(BA)L PRECIOUS/ (UPDATE 3)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.