By Gina Lee
Investing.com – Gold was down on Friday morning in Asia, recovering from the more than one-week low hit during the previous session. Retreating U.S. bond yields and weaker-than-expected U.S. economic data also helped to counter a strengthening .
inched down 0.06% to $1,804.35 by 1:09 AM ET (5:09 AM GMT), after hitting its lowest level since Jul. 12 at $1,791.16 on Thursday. The yellow metal is down 0.2% for the past week, after posting gains during the preceding four weeks.
The dollar, which normally moves inversely to gold, inched up on Friday towards a three-and-a-half-month peak. U.S. Treasury yields eased on Thursday after an auction of $16 billion in 10-year Treasury Inflation-Protected Securities was bid at a record low.
Meanwhile, the latest U.S. economic data said that a higher-than-expected 419,000 were filed throughout the past week, a two-month high. The figure served as a grim reminder that the job market recovery is far from over, as the country also recorded a surge in new COVID-19 cases involving the Delta variant.
On the central bank front, the European Central Bank (ECB) pledged to keep interest rates at record lows for even longer as it handed down its on Thursday. also handed down its policy decision on Thursday, while the will meet in the following week to hand down its latest policy decision.
In other precious metals, silver eased 0.1% to $25.42 per ounce, palladium rose 0.3% and platinum was flat at $1,092.44.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.