Gold shines as dollar, Treasury yields pulled down by positive U.S. economic data
Gold shone brightly on Friday trade in Asia, concluding the week near to a two-and-a-half-month high. The dollar fell to its lowest in a week and the U.S. Treasury yields dropped near its two-week low as investors digest encouraging U.S. economic data.
Gold futures gained 0.28% to $1,820.85 as the dollar, which moves inversely to gold, posted lowly figures on Friday, joined by the benchmark Treasury yield.
Thursday’s data indicating the status of the U.S. economy posted 498,000 filed initial jobless claims over the past week, the lowest number since mid-March 2020 when COVID-19 was declared a pandemic.
Another key economic data, the U.S. monthly jobs report for April is anticipated by investors, as well as nonfarm payrolls.
In other precious metals, platinum steadied at $1,252.41. Both silver and palladium lowered 0.1%.