(Reuters) - Gold edged lower on Friday, as optimism around a swift economic recovery lifted appeal for riskier assets, although a weaker dollar and growing inflationary pressure limited losses and kept bullion on track for a third straight weekly rise.
FUNDAMENTALS
* Spot gold was down 0.2% at $1,872.21 per ounce by 0126 GMT, but it has risen 1.6% this week.
* U.S. gold futures fell 0.4% to $1,873.70 per ounce.
* The dollar was pinned near milestone lows against its rivals and was headed for a weekly loss. A weaker greenback makes gold more appealing for other currency holders. [USD/]
* Benchmark 10-year Treasury yields fell to 1.6340% overnight. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold.
* Risk sentiment in wider financial markets remained upbeat after strong U.S. jobs data lifted hopes around a quick economic recovery. [MKTS/GLOB]
* Data on Thursday showed the number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week.
* Japan's core consumer prices slid for the ninth straight month in April, as a record slump in cellphone fees offset rising energy prices.
* Britain's economy will grow much faster than expected this year as a fast-moving coronavirus vaccine programme allows businesses to re-open and lifts confidence, a Reuters poll found.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.6% to 1,037.09 tonnes on Thursday from 1,031.27 tonnes on Wednesday. [GOL/ETF]
* Palladium gained 0.5% to $2,865.73 per ounce, silver eased 0.1% to $27.72, while platinum edged 0.4% higher to $1,200.57.
DATA/EVENTS (GMT)
0600 UK Retail Sales MM, YY April
0800 EU Markit Mfg, Serv, Comp Flash PMIs May
0830 UK Flash Comp, Mfg, Serv PMIs May
1345 US Markit Mfg, Serv, Comp Flash PMIs May
1400 US Existing Home Sales April
1400 EU Consumer Confid. Flash May
(Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU