Gold futures on Thursday rose as US benchmark yields fell again and as the dollar saw a softening action in early trading.
A series of good reports on the health of the US economy has provided some support for bullion against the risk of inflation.
is trading $ 11.40, or 0.6%, down $ 1,747.50 / ounce, after falling 0.7% a day ago.
Closely monitored report on retail sales showed a 9.8% increase in March thanks to US government spending of $ 1,400 to consumers, reflecting the post-COVID economic growth rate.
Naeem Aslam, head of market analysis at AvaTrade, writes: “US retail sales have strengthened traders’ optimism.
“In terms of gold prices, we have seen more momentum as the dollar index is losing strength as the Fed chairman has told markets that interest rates will not go up anytime soon,” he said.
The dollar is stable, but is tilting lower, at 91.60, as assessed by the ICE US Dollar Index.
a measure of copper versus half a dozen currencies.
That said, bond yields are falling again, with 10-year Treasury trading close to 1.60%, reducing some of the friction that increased yields create for investors weighing against bond. with precious metals.
A stronger dollar may make dollar fixed assets less attractive to overseas buyers, while increased yields could make unproductive gold less attractive than Warehouses. silver.
Meanwhile, among other metals traded on the Comex Wednesday, May, silver
is up 10 cents, or 0.4 percent, to trade around $ 25.63 an ounce.
In other economic reports, The number of weekly US jobless claims has decreased rose 193,000 to 576,000 in the week of April 10, much lower than economists expected.