Gold prices fought for traction on Friday as a jump in U.S. Treasury yields forced investors to reassess their positions again after a steep retreat from a record peak earlier this week. It put bullion on course for its first weekly fall since early June.
Spot gold was down 0.1% at $1,952.01 U.S. an ounce early Friday morning. Bullion declined 4% so far this week, its biggest weekly percentage fall since early March.
U.S. gold futures fell 0.5% to $1,960.50.
The dollar drifted higher on strong U.S. jobs data, denting gold’s appeal.
Bullion also largely ignored mixed economic data from top consumer China.
Markets kept a wary eye on a stalemate in Washington over a new stimulus package, with key U.S.-China trade talks on August 15 also on the radar.
Gold has risen more than 28% this year, as unprecedented global stimulus to ease the economic blow from the pandemic pushed investors to bullion as a hedge against possible inflation and currency debasement.
Among other metals, silver dropped 1.1% to $27.26 per ounce, set to snap a nine-week-long winning streak, down 3.7% so far.
Platinum fell 0.3% to $954.05 U.S. and palladium slipped 0.9% to $2,148.56 U.S.
