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Gold steady as lower bond yields negate pressure from firm dollar

Mount Equity Group Tokyo, Japan > News > Markets > Gold steady as lower bond yields negate pressure from firm dollar

Canadian maple leafs sit on the faces of one ounce gold coins in London, the United Kingdom, on July 15, 2014.

Chris Ratcliffe | Bloomberg | Getty Images

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.

Fundamentals

Spot gold was flat at $1,806.08 per ounce, as of 0047 GMT, 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.

Yields on U.S. Treasuries eased on Thursday after an auction of $16 billion in 10-year TIPS was bid at a record low.

However, the dollar index held close to a 3-1/2-month peak against its rival, making gold more expensive for holders of other currencies.

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