US bond yields lead gold to trade higher

Gold prices rose on Friday on a weak dollar, but the high yield on US Treasuries sent the metal heading for its biggest weekly decline in more than a month as traders prepare for a rise. of interest rates ahead of schedule.

At 10:28 GMT, spot gold was up 0.2% at $ 1,792.13 per ounce, trading in a tight $ 7 range, and on track for a weekly decline of close to 2%, the highest since the week. November 26. Gold futures in the United States were up 0.2% at $ 1,792.50.

The dollar gave the bullion some breathing space with a slight drop, but was still on track to close the week higher before the release of some outstanding US labor data at 13:30 GMT.

“In the last few months, gold has traded between $ 1,730 and $ 1,830, and that has been the range for more or less the last six months.”, dijo Michael Hewson, de CMC Markets UK.

“Gold has largely been a hostage to what US yields have been doing, and it is likely to continue that way. If we have a decent jobs report today, that could put downward pressure on gold prices towards $ 1,770 ″added.

In other precious metals, spot silver was little changed, at US $ 22.16 an ounce; platinum was up 0.5% to $ 969.01; and palladium was up 1.7% at $ 1,905.84.