PRECIOUS-Gold set for first weekly gain in three on weakening dollar

  • 4/9/2021
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April 9 (Reuters) - Gold on Friday held near a more than one-month peak scaled in the previous session, with bullion set for a weekly gain of over 1%, as a weakness in the dollar and Treasury yields offered support along with a surprise jump in U.S. jobless claims. FUNDAMENTALS * Spot gold was steady at $1,755.91 per ounce by 0151 GMT, having hit a high since March 1 at $1,758.45 an ounce on Thursday. * The metal has gained nearly 1.5% for the week so far, after posting losses in the previous two weeks. * However, U.S. gold futures fell 0.1% on Friday to $1,756.20 per ounce. * The U.S. dollar fell to a two-week low against a basket of currencies after the number of Americans filing new unemployment claims increased for the second straight week, last week. * U.S. Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell. * Powell noted that an expected rise in prices this year is likely to be temporary, and warned that an uptick in COVID-19 cases could slow the recovery. * The U.S. central bank intends to maintain its ultra-easy stance even though data suggest the economy revving up. * The European Central Bank policymakers discussed a smaller rise in bond purchases, according to meeting accounts. * U.S. Treasury Secretary Janet Yellen on Thursday encouraged major economies to add substantial new fiscal stimulus to ensure a robust recovery. * Silver stood unchanged at $25.45 and was set for biggest weekly gain in four. * Palladium was down 0.2% to $2,618.51. Platinum fell 0.3% to $1,225.95 but was set for its second straight weekly gain. DATA/EVENTS (GMT) 0130 China PPI, CPI YY March 0600 Germany Industrial Output MM Feb 0730 UK Halifax House Prices MM March (Reporting by Diptendu Lahiri in Bengaluru; editing by Uttaresh.V)

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