Gold Seeks Best Week in Last Five
January 22, 2021 at 06:56 AM EST
Friday, January 22, 2021 Gold Seeks Best Week in Last Five Prices fir gold eased on Friday as U.S. Treasury yields edged higher, although prices were set to post their best week in five helped by a weaker dollar and further stimulus bets. Spot gold fell 0.1% to $1,867.34 per ounce soon after midnight EST. On Thursday, prices hit their highest since Jan. 8 at $1,874.86. U.S. gold futures gained 0.1% to $1,867.80. For the week, spot gold was up 2.2%, its biggest increase since the week of Dec. 18. U.S. Treasury yields on the longer end of the curve rose along with inflation expectations on Thursday as the market eyed the prospect for additional debt supply under the new U.S. administration. Higher yields increase the opportunity cost of holding non-yielding bullion. The dollar fell to an over one-week low in the previous session, making gold cheaper for holders of other currencies. Among other metals, silver shed 0.2% to $25.89 U.S. an ounce, but was set to register its best week in five, up 4.6% so far this week. Platinum was flat at $1,126.78 U.S. and was up 4.9% for the week, its best since early December. Palladium gained 0.1% to $2,364.41 U.S..