Gold futures on Friday were trading near unchanged as global stocks, the U.S. dollar and bond yields were all rising, putting some pressure on bullion. A reading of U.S. inflation did little to change gold’s early trading moves.
Gold for April delivery
shed $2, or 0.1%, at $1,722.90 an ounce on Comex, following a 0.5% slide on Thursday. The precious metal has been trading on either side of unchanged.
“Gold prices are slightly lower in early U.S. trading Friday and seeing a bit of selling pressure amid generally positive trader and investor attitudes in the marketplace,” wrote Jim Wyckoff, senior analyst at Kitco.com.
The 10-year Treasury note
was yielding 1.67%, up after trading near an intraweek low of around 1.59% on Thursday, but down from 1.729% put in last Friday. Rising yields can detract from appetite for non-yielding precious metals.
A gauge of the U.S. dollar was up 0.3% on the day and week, as measured by the ICE U.S. Dollar Index
a measure of the buck against a half dozen currencies. A stronger buck can make commodities priced in the currency comparatively more expensive to overseas buyers.
meanwhile, was trading 10 cents, or 0.4%, higher at around $25.15 an ounce, after a decline of 0.7% in the previous session.
A reading on U.S. personal income and spending showed that income declined 7.1% in February, compared with an expected drop of 7%, according to consensus estimates of economists surveyed by Dow Jones. Consumer spending fell 1%, compared with an expected drop of 0.8% and the Federal Reserve’s preferred inflation gauge, personal-consumption expenditures, or PCE, rose 0.2% in February, with core inflation up 0.1%, excluding volatile energy and food, matching estimates.