Gold prices fell slightly on Friday as the U.S. dollar and Treasury yields edged higher, but prices were on course for their best week in three as hopes of more U.S. stimulus underpinned the metal.
Spot gold dipped 0.3% to $1,820.73 U.S. per ounce early Friday morning. Prices were up 0.5% so far this week. U.S. gold futures slipped 0.3% to $1,821.10.
The greenback and benchmark 10-year U.S. Treasury yields ticked higher, reducing gold’s appeal.
U.S. President Joe Biden plans to ask Congress this month to invest heavily in infrastructure after his $1.9-trillion COVID-19 aid package makes its way through.
Gold remains supported "as the specter of stimulus measures in the U.S. rises," ANZ analysts said in a note.
Spot platinum fell 1.9% to $1,211.01 U.S. an ounce as investors booked some profits after prices scaled an over-six-year peak of $1,268.88 on Thursday.
But the autocatalyst metal was set to post its best week since early December, with a gain of 7.6%.
Silver fell 0.2% to $26.89 U.S. and palladium was steady at $2,344.38 U.S.
