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Gold eases as dollar ticks up

Category: Economy

Date: 2021-02-12T09:11:37+0000
Gold eases as dollar ticks up

Shafaq News/ Gold eased on Friday as the U.S. dollar and Treasury yields rose, but prices were on course for their best week in three underpinned by hopes of more stimulus in the world's largest economy.

Spot gold dipped 0.4% to $1,818.83 per ounce by 0721 GMT. Prices were up 0.4% this week. U.S. gold futures GCv1 slipped 0.4% to $1,819.10.

"The U.S. jobs numbers sort of talked some sense of inflation risk out of the market and that may have weighed on gold," Reuters quoted IG Market analyst Kyle Rodda saying.

U.S. jobless claims fell slightly last week, but were stuck at elevated levels. bigger picture should be positive for gold because of the current monetary and fiscal policy mix, but despite all the tailwind gold's just grinding lower, so it's not a very constructive view for the time being," Rodda said.

Trading was muted as many parts of Asia remained closed for the Lunar New Year holiday.

The dollar and benchmark 10-year U.S. Treasury yields ticked higher, reducing the appeal of the precious metal.

U.S. President Joe Biden plans to ask Congress this month to invest heavily in infrastructure after his $1.9 trillion COVID-19 aid package makes its way through. Remains supported "as the spectre of stimulus measures in the U.S. rises," ANZ analysts said in a note.

Spot platinum fell 1.1% to $1,221.61 an ounce after prices scaled an over six-year peak of $1,268.88 on Thursday.

The Autocatalyst metal was set for its best week since early December, with a gain of 8.6%.

"Sentiment remains strong," ANZ said, adding stricter global emission rules and a disruption at a major refinery in top producer South Africa should keep the metal in deficit this year. Silver gained 0.2% at $27 and palladium rose 0.1% to $2,348.43.

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