Gold primed itself for its worst performance in six years, though prices inched up in thin trade on Friday as U.S. Treasury yields dipped, increasing the bullion’s appeal by reducing its opportunity cost.
Spot gold rose 0.2% to $1,818.43 U.S. per ounce overnight, hovering close to a one-month high hit on Dec. 28. U.S. gold futures were up 0.2% at $1,818.00.
Even so, it added up to the shiny yellow metal's biggest annual decline since 2015, having fallen 4% so far this year, as economies recovered from the pandemic’s impact, reducing demand for the safe-haven metal.
Equity markets in the United States closed lower on Thursday, retreating late in thin holiday volume from record highs set early in the session on strong U.S. data including a drop in weekly claims for U.S. unemployment benefits.
The dip in jobless claims came even as COVID-19 infections in the United States hit a record high for the second day running.
Spot silver rose 0.3% to $23.11 U.S. an ounce, platinum gained 0.3% to $963.92 U.S., and palladium fell 0.5% to $1,956.42 U.S.
Silver was on track for its worst year since 2014 with a drop of about 12%. Platinum was down nearly 10% while palladium was headed for its biggest yearly decline since 2015 with a 20% slump.
