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Gold set for third straight weekly gain as yields, dollar weaken

07/08/2021 | 09:38pm EDT

July 9 (Reuters) - Gold prices on Friday were set for the third straight weekly gain, as a slight pullback in the dollar made bullion less expensive for other currency holders, while a drop in U.S. Treasury yields also offered support to the safe-haven metal.

FUNDAMENTALS

* Spot gold was steady at $1,800.85 per ounce, as of 0108 GMT. Prices have risen 0.8% so far this week.

* U.S. gold futures were steady at $1,801 per ounce.

* The dollar index retreated from a three-month peak against its rivals.

* Benchmark U.S. 10-year Treasury yields languished near more than four-month low, reducing the opportunity cost of holding non-interest bearing gold.

* Data on Thursday showed the number of Americans filing new claims for unemployment benefits rose unexpectedly last week, an indication that the labour market recovery from the COVID-19 pandemic continues to be choppy.

* Wall Street lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off, driven by uncertainties surrounding the pace of the U.S. economic recovery.

* The European Central Bank set a new inflation target on Thursday and carved out a major role in the fight against climate change, embarking on a fundamental transformation of Europe's most powerful financial institution.

* Global markets won't have a violent "taper-tantrum" like they did in 2013 even as the Fed is expected to discuss tapering of asset purchases at its annual gathering at Jackson Hole in August, three strategists at asset management firms said.

* Some investors view gold as a hedge against higher inflation that could follow stimulus measures.

* Silver eased 0.1% to $25.89 per ounce, palladium fell 0.4% to $2,794.19, and platinum edged 0.1% higher to $1,076.12. DATA/EVENTS (GMT) 0130 China PPI, CPI YY June 0600 UK GDP Est 3M/3M May 0600 UK GDP Estimate MM, YY May 0600 UK Manufacturing Output MM (Reporting by Brijesh Patel in Bengaluru, Editing by Sherry Jacob-Phillips)


© Reuters 2021
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