Gold Holds Steady

Gold prices steadied on Friday after hitting a more than one-week low in the previous session, as a retreat in U.S. bond yields and weak economic data countered a stronger dollar.

Spot gold was flat at $1,806.08 U.S. per ounce soon after midnight EDT after hitting its lowest since July 12 at $1,791.16 on Thursday.

Bullion is down 0.2% so far this week, after posting gains for the previous four weeks.

U.S. gold futures edged 0.1% higher to $1,807.70 per ounce.

The European Central Bank pledged to keep interest rates at record lows for even longer to boost sluggish inflation and warned that the rapidly spreading Delta variant of the coronavirus poses a risk to the eurozone’s recovery.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion.

Silver eased 0.1% to $25.42 U.S. per ounce, palladium rose 0.3% to $2,725.77, and platinum was flat at $1,092.44.