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PRECIOUS-Gold set for first weekly gain in three on weakening dollar

Published 09/04/2021, 12:18 pm
Updated 09/04/2021, 12:24 pm
© Reuters.
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April 9 (Reuters) - Gold on Friday held near a more than one-month peak scaled in the previous session, with bullion set for a weekly gain of over 1%, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in U.S. jobless claims.

FUNDAMENTALS

* Spot gold XAU= was steady at $1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $1,758.45 an ounce on Thursday.

* The metal has gained nearly 1.5% for the week so far, after posting losses in the previous two weeks.

* However, U.S. gold futures GCv1 fell 0.1% on Friday to $1,756.20 per ounce.

* The U.S. dollar fell to a two-week low against a basket of currencies after the number of Americans filing new unemployment claims increased for the second straight week, last week. USD/

* U.S. Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell. US/

* Powell noted that an expected rise in prices this year is likely to be temporary, and warned that an uptick in COVID-19 cases could slow the recovery. The U.S. central bank intends to maintain its ultra-easy stance even though data suggest the economy revving up. The European Central Bank policymakers discussed a smaller rise in bond purchases, according to meeting accounts. U.S. Treasury Secretary Janet Yellen on Thursday encouraged major economies to add substantial new fiscal stimulus to ensure a robust recovery. Silver XAG= stood unchanged at $25.45 and was set for biggest weekly gain in four.

* Palladium XPD= was down 0.2% to $2,618.51. Platinum XPT= fell 0.3% to $1,225.95 but was set for its second straight weekly gain.

DATA/EVENTS (GMT) 0130 China

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March 0600 Germany Industrial Output MM

Feb 0730 UK

Halifax House Prices MM March

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