Gold Heads for Second Weekly Gain as Investors Weigh U.S. Data

imageCommodities7 hours ago (Apr 16, 2021 02:27)

© Reuters.

(Bloomberg) — Gold headed for a second straight weekly advance as bond yields retreated, with investors assessing economic data from the U.S.

The latest U.S. numbers show consumer demand boosting the recovery from the pandemic. Retail sales accelerated in March by the most in 10 months as business reopenings, increased hiring and a fresh round of stimulus checks emboldened shoppers. While production at U.S. factories increased in March by the most in eight months, it was softer than forecast as automakers continued to deal with shortages of semiconductors.

After weeks of being confined to a narrow trading range, gold climbed Thursday to the highest since Feb. 26 amid the surge in Treasuries. Traders suggested international concerns may have helped fuel the rally in bonds, with many investors caught positioned for higher yields. Bullion was also supported this week after Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy.

Spot gold was steady at $1,763.62 an ounce at 7:56 a.m. in Singapore, and is up 1.1% this week. Silver was little changed, while platinum gained. Palladium steadied after rising to the highest level in more than a year on Thursday. The Bloomberg Dollar Spot Index is poised for a second weekly decline.

©2021 Bloomberg L.P.

Gold Heads for Second Weekly Gain as Investors Weigh U.S. Data

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