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Gold price nears 2-month high on stronger US retail data

Gold price nears 2-month high on stronger US retail data Gold prices rose to their highest since late February following declines in both the dollar and bond yields Thursday, placing the precious metal on course for a second straight weekly gain. Spot gold jumped 1.7% to $1,767.18 per ounce by 11:50 a.m. ET. Gold futures for June delivery gained 1.9%, trading at $1,769.70 per ounce in New York. Sign Up for the Precious Metals Digest Sign Up Meanwhile, a gauge of the US dollar fell as much as 0.2%, and 10-year Treasury yields dropped to the lowest in about a month. Their declines came after US retail sales accelerated in March by the most in 10 months with the help of business re-openings, increased hiring and a fresh round of stimulus checks. US industrial production also bounced back from a weather-related decline in February, though its 1.4% rise still fell below analysts’ expectations.

Should I invest in gold in April?

Should I invest in gold in April? April 12, 2021 Gold prices closed higher on a weekly basis after dipping below $1,700 an ounce two weeks ago Higher U.S. Treasury yields and the dollar pushed gold lower on Friday Gold prices recorded three consecutive monthly losses to facilitate a plunge of about 10% to the low $1,700s Gold prices fell over 1% on Friday to erase some of the gains made earlier in the week as a result of a surge in the U.S. Treasury yields and a stronger dollar. Fundamental analysis: Rising Treasury yields a concern Despite a selloff on Friday, gold prices closed higher on a weekly basis after dipping below $1,700 an ounce two weeks ago.

Gold: Gold slips on buoyant bond yields - The Economic Times

April 9: Gold prices fell more than 1% on Friday, weighed down by a jump in U.S. Treasury yields and a rebound in the dollar, but bullion was still on course for its first weekly gain in three weeks. Spot gold was 0.7% lower at $1,744.07 per ounce by 1:44 p.m. EDT (1744 GMT), having hit its highest price since March 1 at $1,758.45 on Thursday. For the week, however, prices were up about 0.9%. U.S. gold futures settled down 0.8% at $1,744.8. While overall, gold market is bullish short-term, with expectations of a break higher through $1,760-65, caution about fresh 10- and 30-year (Treasury) auctions and the CPI report next week are keeping yields supported, keeping gold s advance in check, said Tai Wong, head of base and precious metals derivatives trading at BMO.

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