Gold prices were steady on Friday,
headed for their second straight weekly decline, with worries
over major central banks potentially implementing big interest
rate hikes to target runaway inflation weighing on appetite for
* Spot gold was flat at $1,823.20 per ounce by 0113
GMT, after hitting a one-week low of $1,820.99 earlier in the
session. U.S. gold futures fell 0.3% to $1,823.80.
* Gold prices have dropped about 0.9% this week.
* The U.S. Federal Reserve’s commitment to reining in
40-year-high inflation is “unconditional,” its chair Jerome
Powell told lawmakers on Thursday, even as he acknowledged that
sharply higher interest rates may push up unemployment.
* Stocks in global markets rose on Thursday, as U.S.
Treasury yields fell to two-week lows, while copper was at
16-month lows as investors worried about a possible global
* Yields on the benchmark U.S. 10-year Treasury note,
however, firmed on Friday, pressuring demand for gold.
* Higher interest rates and bond yields raise the
opportunity cost of holding bullion, which yields no interest.
* The dollar steadied after an uptick in the previous
session, making greenback-priced gold less attractive for buyers
holding other currencies.
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.81% to 1,063.07
tonnes on Thursday from 1,071.77 tonnes a day earlier.
* Spot silver dipped 0.1% to $20.92 per ounce, and
platinum rose 0.6% to $912.00, but both were set for
* Palladium , however, climbed 1.1% to $1,863.62, and
has gained about 3% this week.
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(Reporting by Bharat Govind Gautam in Bengaluru; Editing by