Gold Settles Under Pressure From High Bond Yields Ahead of US Data

Gold prices stabilized on Thursday as rising Treasury yields held them back before key data on jobs and inflation in the United States could influence the Federal Reserve’s roadmap to raise interest rates to combat inflation.

And gold settled in spot transactions at $ 1853.24 an ounce by 0303 GMT, while US gold futures fell 0.1 percent to $ 1854.70.

US weekly jobless claims data is due at 1230 GMT on Thursday.

Investors are also awaiting monthly US consumer price data on Friday, which the White House said it expected to be “high”. Economists polled by Reuters had forecast an annual inflation rate of 8.3 percent.

Ten-year US Treasury yields have been boosted, reducing the zero-yield yellow metal’s allure.

As for other precious metals, silver rose in spot transactions 0.2% to $22.07 an ounce, while platinum fell 0.3% to $1,003.46.

Palladium rose 0.9 percent to $ 1960.94, after hitting its lowest level in nearly three weeks at $ 1930.28 on Wednesday.