Gold is Declining on Rising in Dollar But Still Heading Towards The Best Week in 3 Weeks

Gold retreated as the dollar and Treasury yields rose, but prices are on the path to achieving the best weekly performance in three weeks, as hopes for more US stimulus support the yellow metal.

And gold fell in immediate transactions 0.2% to 1822.69 dollars an ounce. Prices have risen 0.6% since the beginning of this week. US gold futures fell 0.2% to $ 1823.30.

US jobless claims fell slightly last week, but are stuck at high levels.

Trading was quiet as large parts of Asia remain closed for the Chinese New Year holiday.

The dollar and record ten-year US Treasury bond yields rose, reducing gold’s appeal.

US President Joe Biden intends to ask Congress this month to invest heavily in infrastructure after progressing in approving a $ 1.9 trillion aid package proposed by the president to mitigate the repercussions of Corona.

As for other precious metals, platinum fell in spot transactions 0.8% to $ 1224.86 an ounce, as investors sold the metal to reap some profits after prices reached more than a six-year peak at $ 1286.88 on Thursday.

But the metal used to stimulate the auto sector is heading for its best week since early December, with a gain of 9%.

Silver gained 0.4% to $ 27.04 and palladium rose 0.2% to $2,349.25.