Gold gains capped as better-than-expected U.S. economic data lift Treasury yields
Stronger-than-expected U.S. economic output capped gains of gold on Friday trade in Asia, with Treasury yields gaining from the positive data.
Gold futures rose 0.19% to $1,763.45. The US dollar index futures surged on Friday, as it moves inversely to gold.
Gold was poised to record its second consecutive weekly gain and end the week with its best week in five as inflationary concerns over unprecedented fiscal stimulus and ultra-low interest rates were digested among investors.
However, higher-than-expected growth in U.S. retail sales for the month of March and lower initial jobless claims provided a boost among investors, causing the Treasury yields to rally.
Meanwhile, China continued its economic recovery from a coronavirus fall last year but at a slower pace than expected.
In other precious metals, silver barely moved at $25.85 per ounce. Palladium was also steady at $2,741.84 and platinum advanced 0.5%.