Gold firmed on Friday as the dollar came
slightly off two-decade highs, but bullion was set to post its
biggest weekly drop in more than a month as the elevated
greenback hit demand.
* Spot gold firmed 0.3% to $1,744.07 per ounce by
0106 GMT. U.S. gold futures rose 0.2% to $1,742.50.
* The dollar edged down from 20-year highs, taking some
weight off greenback-priced gold.
* Gold prices have lost about 3.7% this week. It is likely
to be their fourth straight weekly fall, and worst since
* U.S. equities rose with Treasury yields overnight, as
investors bet on economic light at the end of the Federal
Reserve’s rate hiking tunnel, while oil prices rose on supply
* Benchmark U.S. 10-year Treasury yields dipped on Friday,
* The number of Americans filing new claims for unemployment
benefits unexpectedly rose last week and there are growing signs
that demand for labor is cooling, with layoffs surging to a
16-month high in June, as the Federal Reserve’s aggressive
monetary policy tightening stokes recession fears.
* Two of the Fed’s most vocal hawks on Thursday said they
would support another 75 basis-point interest rate increase
later this month but a downshift to a slower pace afterward,
even as both downplayed the risk of higher borrowing costs
pushing the U.S into recession.
* Rising short-term U.S. interest rates and bond yields
increase the opportunity cost of holding gold, which yields no
* Spot silver rose 0.5% to $19.28 per ounce, and
platinum gained 0.6% to $878.40, but both were set for
* Palladium climbed 0.8% to $2,006.51, and has gained
about 2.3% for the week.
DATA/EVENTS (GMT, June)
1230 US Non-Farm Payrolls
1230 US Unemployment Rate
1230 US Average Earnings YY
(Reporting by Bharat Govind Gautam in Bengaluru; Editing by