Gold fell in Asia on Friday morning, recovering from a low of more than a week during the previous session. U.S. U.S. yields rebound and weaker than expected. Economic data also helped to strengthen the dollar.
Gold futures were down 0.06% at $ 1,804.35 on Thursday. It was at $ 1,791.16 on Thursday after hitting its lowest level since July 12. After recording gains in the previous four weeks, the yellow metal has declined 0.2% in the last week.
The dollar, which normally moves against gold, hit a three-and-a-half-month high on Friday. U.S. dollar rises after $ 16 billion in 10-year Treasury inflation-secured securities auction Treasury yields were lower on Thursday.
Meanwhile, the latest U.S. economic data shows that 419,000 initial unemployment claims were filed over the past week, a two-month high. As the country has seen an increase in new COVID-19 cases involving delta variation, this figure has served as a harsh reminder that this employment market recovery is far from over.
Leading the central bank, the European Central Bank (ECB) on Thursday pledged to keep interest rates lower as it handed over its policy decision. Bank Indonesia also issued its policy decision on Thursday, while the U.S. The Federal Reserve will meet next week to hand over its latest policy decision.
Among other precious metals, silver was down 0.1% at $ 25.42 an ounce, palladium was up 0.3% and platinum was up $ 1,092.44.