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Gold set for weekly gain on dollar retreat, economic woes

05/20/2022 | 02:48pm EDT
FILE PHOTO: A goldsmith arranges golden bangles at a jewellery shop, in Istanbul

(Reuters) - Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.

A slide in U.S. Treasury yields supported the safe-haven metal on the day, sending spot gold up 0.1% to $1,843.29 per ounce by 1802 GMT. Prices hit a one-week high earlier in the session.

U.S. gold futures settled up 0.1% at $1,842.10.

Bullion, which hit a 3-1/2-month low of $1,786.60 on Monday, has gained about 1.8% so far this week.

U.S. Treasury yields fell for a third straight session as investors remained concerned about growing signs of an economic slowdown. [US/]

"Dollar has retreated this week and has helped gold rise. Also, once gold crossed the $1,785 mark, bargain hunters came in and that provided mild support," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

The dollar index rose 0.4% on Friday, but was still poised for its worst week since early February. [USD/]

"Bulls are touting safe-haven demand as being supportive for the precious metals, while bears counter that recent rising bond yields and a still-strong U.S. dollar remain in their camp," said Kitco senior analyst Jim Wycoff in a note.

"Both bulls and bears need some new fundamental news to help drive prices."

Recession fears have grown recently and because of the volatility in equity markets, there will be more interest in gold, said Xiao Fu, head of commodities markets strategy at Bank of China International.

Silver fell 0.1% to $21.69 per ounce, but was up about 2.9% for the week.

Platinum fell 1.4% to $948.77, while palladium eased 2.4% to $1,958.81.

(Reporting by Ashitha Shivaprasad and Swati Verma in Bengaluru; Editing by Devika Syamnath)

By Ashitha Shivaprasad


© Reuters 2022
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