Gold Heading For Its Third Weekly Gain Due to Lower Yields And Virus Fears

Gold rose in volatile trading Friday, July 9, heading for gains for the third consecutive week, as the safe-haven allure of the yellow metal was boosted by concerns about the fast-spreading delta smoothing from Covid-19 and a drop in US Treasury yields.

Spot market rose 0.1% to $ 1803.92 an ounce, rising 0.9% in the week. US futures rose 0.1% to $1,802.10.

The benchmark 10-year US Treasury yields fell to near the lowest level in more than four months, while the US dollar rose 0.1% towards its highest level in three months, recorded in the previous session.

Sentiment remains fragile in the broader stock markets as the delta strain threatens the global economic recovery, pushing Asian stocks to a two-month low.