Gold prices inched up on Friday and were on course to mark their best week in seven, as easing U.S. Treasury yields and dollar lifted the metal’s appeal.
Spot gold rose 0.2% to $1,724.80 per ounce this morning. Prices were up 1.4% for the week so far, their biggest jump since the week ended Jan. 22.
U.S. gold futures was steady at $1,723.10.
Benchmark U.S. Treasury yields pulled further down from a more than one-year peak hit last week, reducing the opportunity cost of holding non-interest paying gold.
The dollar hovered near a one-week low against rivals.
President Joe Biden prepared to tell Americans in a televised address that he is taking aggressive action to speed Covid-19 vaccinations and move the country closer to normality by July 4, hours after signing his $1.9 trillion stimulus bill into law on Thursday.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.5% to 1,055.27 tonnes on Thursday.
Silver climbed 0.1% to $26.11 U.S.an ounce, and was on track for its best week since late January with a 3.7% rise.
Palladium gained 0.2% to $2,349.52 U.S.
Platinum rose 1.2% to $1,209.10 U.S. and was set to post its best week in four with a 7% gain.