Gold Rises Supported by Declining Bond Yields And Focus on US Jobs Data

Gold prices rose Thursday, May 6, as a decline in US Treasury bond yields offset pressure from the dollar’s ​​rally, while investors awaited US non-farm payrolls data for April, which is scheduled for release later this week.

Spot gold rose 0.2% to $1789.22 an ounce. US gold futures advanced 0.2% to $1788.20.

The yields of record 10-year US Treasury bonds hovered near the low of a week they reached on Tuesday, reducing the opportunity cost of owning gold that does not yield a return.

Meanwhile, the dollar index hovered near its two-week high it reached on Wednesday.

As for the other precious metals, palladium rose 0.1% to $2,975.18 an ounce, after hitting an all-time high of $3,017.18 on Tuesday, supported by a supply shortfall.

Silver settled at $26.49 an ounce, while platinum fell 0.5% to $1218.81.