Gold prices held steady near their highest since late-February on Friday, en route to their second straight weekly gain, boosted by a drop in U.S. Treasury yields and a weaker dollar. Spot gold was flat at $1,762.70 per ounce by 0740 GMT, after hitting its highest since Feb. 26 at $1,769.37 on Thursday. Bullion is up more than 1% so far this week. U.S. gold futures eased 0.1% to $1,763.80. We ve seen that the 10-year yield has pulled back and has broken through that very important 1.6% level. that probably means there is more weakness in yields, at least near term, which is very supportive for gold, said DailyFX currency strategist Ilya Spivak.
China premiums little changed at $7-$9 China allows multi-billion dollar gold imports - sources
April 16 (Reuters) - Elevated domestic prices and renewed coronavirus restrictions due to a surge in infections dulled physical gold purchases in India, while China stepped up bullion imports as demand gradually rebooted.
“Retail demand has been falling in many regions due to restrictions on the movement of people,” said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji.
On Friday, local gold futures were trading around 47,000 rupees per 10 grams after rising to 47,279 rupees on Thursday, the highest since mid-February.
Many states such as Maharashtra, Delhi and Uttar Pradesh have imposed local curbs to arrest the spread of the coronavirus.
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Gold prices fell on Tuesday as a stronger dollar and rising Treasury yields dented demand for the safe-haven metal ahead U.S. inflation data later in the day. Spot gold fell 0.4% to $1,725.15 per ounce by 0633 GMT. U.S. gold futures were also down 0.4% at $1,726.20 per ounce. At the moment, a stronger dollar and higher yields on Treasuries are exerting pressure on gold, said Amit Sajeja, a vice president at Motilal Oswal. A stronger dollar pressures gold as the metal becomes expensive for buyers outside the United States, while higher returns on bonds increases the opportunity cost for holding non-yielding bullion.
Gold price rebound, COVID-19 curbs put brakes on India buying reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.