Gold Near Month-Long High as Yields Decline

Gold held steady near a more-than-one-month high on Friday, en route to its second straight weekly gain, boosted by a drop in U.S. Treasury yields and a weaker dollar.

Spot gold was up 0.1% at $1,764.13 per ounce early Friday, after hitting its highest since Feb.26 at $1,769.37 on Thursday. Bullion is up more than 1% so far this week.

U.S. gold futures eased 0.1% to $1,764.40.

Benchmark U.S. Treasury yields slipped to a one-month low, reducing the opportunity cost of holding non-interest bearing gold. The dollar headed for its worst back-to-back weekly drop this year.

Meanwhile, data showed China’s economy grew at a record pace in the first quarter, expanding 18.3% from a year earlier.

Recent economic readings from the United States and China have lifted hopes around a swift economic recovery and prompted investors to seek riskier assets.

Silver slipped 0.1% to $25.83 U.S. per ounce. Palladium was steady at $2,740.18 U.S., but up about 4% for the week. Platinum gained 0.4% to $1,197.55 U.S.