Gold Set For Over 1% Weekly Gain On Weakness In Dollar, Treasury Yield

Gold prices on the MCX for delivery in June slipped to Rs. 46731 per 10 gm. In the international markets also, gold prices held near its close to 1-month high reached in the earlier session.

For the week to April 9, 2021, gold prices have gained 1 percent as there was support lent owing to weakness in the dollar and the US treasury yield. Spot gold was steady at $1755.91 per ounce. Nonetheless, there have been seen losses in gold futures to $1756.2 per ounce.

There has been seen a drag on the greenback as economic conditions in the US are seen improving by a decline in the number of citizens claiming unemployment benefit and improved manufacturing situation on the other end.

Also, US treasury yield also retreated lower owing to Fed Chair's Jerome Powell dovish comments. Also, at the same time he warned that a rise in coronavirus cases could slow the recovery process and any hike in prices this year could be temporary phenomena.

Moreover, the US treasury secretary Yellen asked other major economies to push stimulus measures to stimulate robust recovery.

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