Gold remains near week-long highs on dollar weakness
By Seher Dareen
Jan 14 (Reuters) – Gold prices firmed up near more than a week highs on Friday, backed by a retreating US dollar and stabilizing yields on US debt as markets waited for more data. to estimate the pace of upcoming interest rate increases.
* Spot gold was up 0.1% at $ 1,823.28 an ounce at 1100 GMT, after previously hitting a one-week high of $ 1,828.92. US gold futures were up 0.1% at $ 1,822.80 an ounce.
* The price of the bullion has risen around 1.5% so far this week, the biggest increase since the week of November 12.
* “The fact that US inflation figures were not as high as feared could play in gold’s favor,” said Michael Hewson, chief market analyst at CMC Markets UK, adding that a weaker dollar and the Falling bond yields during the week have helped the metal.
* The big test is whether gold can move above the December peaks to the $ 1,830 and $ 1,835 an ounce range, “because that proved to be a tough nut to crack earlier this month,” Hewson said. .
* The dollar fell to its lowest level in more than two months, while US 10-year Treasury yields face their first weekly decline in a month.
* Among other precious metals, spot silver was up 0.2% at $ 23.11 an ounce and was on track to close its best week in two months.
* Platinum was up 0.6% at $ 975.50 an ounce, while palladium was down 0.9% at $ 1,871.68 an ounce.
(Reported by Seher Dareen and Swati Verma in Bangalore. Edited in Spanish by Marion Giraldo)