Gold prices edged down on Friday as higher U.S. Treasury yields dampened the metal’s appeal, while palladium eased off a record high scaled a day earlier.
Spot gold was down 0.2 per cent at $1,767.12 per ounce by 0113 GMT, U.S. gold futures were steady at $1,768.30 per ounce.
Palladium fell 0.1 per cent to $2,947.77 per ounce, after hitting an all-time high of $2,981.99 on Thursday. The metal was still on track to post its third straight weekly gain.
Benchmark U.S. 10-year Treasury yields rose to a more than two-week high in the previous session, increasing the opportunity cost of holding non-yielding bullion.
U.S. economic growth accelerated in the first quarter as the government gave money to mostly lower-income households, fuelling consumer spending and setting the course for what is expected to be the strongest performance this year in nearly four decades.
U.S. President Joe Biden proposed a sweeping new $1.8 trillion plan for families and education in a speech to a joint session of Congress.
Japan’s industrial output posted a surprise increase in March, as a jump in car production helped keep an economic recovery from last year’s deep coronavirus slump on track.
China’s 2021 gold demand will see annual growth and will revert to pre-pandemic levels if there are no dramatic changes to the global economic and geo-political situation, a World Gold Council (WGC) official said on Thursday.
Meanwhile, more than 149.67 million people have been reported to be infected by the novel coronavirus globally and 3,290,675 have died, according to a Reuters tally.
Silver fell 0.6 per cent to $25.94 per ounce. Platinum was up 0.5 per cent at $1,203.59.