By Gina Lee
Investment.com – Gold fell Friday morning in Asia, due to better-than-expected US economic data canceling support from lower Treasury-bond yields.
up 0.19% to $ 1,763.45 at 11:54 PM ET (3:54 AM GMT). Prices, which often move inversely with gold, rise on Friday.
However, the safe-haven yellow metal is poised to rise for a second consecutive week and finish the best week of the year, supported by inflation concerns over unprecedented fiscal stimulus and interest rates extreme. globally low.
U.S. Treasury Department earnings fell to a one-month low on Thursday after the U.S. government slapped on false allegations including meddling in the 2020 US presidential election.
However, the gold gain cap is a higher-than-expected growth in US March compared to the previous month, and falls to its lowest level since mid-March 2020.
In Asia, China continues its economic recovery from the COVID-19 recession in 2020 but at a slower rate than expected. Economic data released earlier in the day shows GDP growth for the first quarter grew at 18.3% and 0.6% in March, respectively. Meanwhile, up 14.1% over the same period last year.
Improving demand, both at home and abroad, and continued government support for small and medium-sized businesses drove the recovery.
Among other precious metals, silver was unchanged at $ 25.85 / ounce, but rose for the second week in a row. Palladium was steady at $ 2,741.84 but up about 4% on the week and platinum up 0.5%.
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