Lowering Treasury yields, dollar moves gold towards a seven-week best
Gold lowered on Friday in Asian trade but was all set to post its best figures in seven weeks over weakening U.S. Treasury yield and dollar.
Gold futures rose 0.33% at $1,716.90. For the week, gold prices have improved 1.4%, capping their largest gains since January of this year. Despite the gains in today’s trade, the dollar hovered near one-week lows.
Helping to the golden cause was the declining Benchmark U.S. Treasury yields, as it dropped more than a one-year peak hit last week.
In other precious metals, silver added 0.1%, and along with gold, was poised to hit its best week since January. It recorded a 3.7% gain. Platinum is on track to tally its best week in a month with a 7% increase. Palladium rose 0.2%.
On the central bank front, the European Central Bank released its policy decision on Thursday and vowed to quicken money-printing to control the bloc’s borrowing costs.