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Gold is Falling, But is Heading For The Second Weekly Gain in a Row

Gold fell on Friday, as US Treasury yields rose overnight on data pointing to a sharp rise in inflation, but prices are heading for their second consecutive weekly gain after no progress in talks between Russia and Ukraine.

Gold fell in spot transactions 0.6 percent to $ 1984.91 an ounce. US gold futures fell 0.6 percent to $1989.20.

Gold is highly sensitive to higher US interest rates, as it increases the opportunity cost of owning the non-yielding metal.

As for other precious metals, palladium rose 0.2 percent to $2,933.67 an ounce. The metal hit an unprecedented high of $3,440.76 on Monday, backed by fears of supply disruptions from Russia, its largest producer.

Silver fell in spot transactions 0.9 percent to $ 25.64 an ounce, while platinum fell 0.7 percent to $ 1061.23, and is heading to incur the largest weekly loss since November.

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