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Gulf Today Report
Gold prices dropped on Friday on encouraging economic outlook and inflation fears supporting US Treasury yields.
Spot gold eased 0.1% to $1,767.81 per ounce by 05:20 GMT while US gold futures fell 0.6% to $1,765.70.
Prices declined on Thursday following US Treasury yields rise, reaching their highest since the pandemic, lifting the dollar.
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Jeffrey Halley, senior market analyst at OANDA said "rising inflation expectations as markets price in the reopening of developed market economies are pushing yields higher and pressuring gold."
High inflation rates push gold but it also lifts Treasury yields, which increase the likelihood of holding non-yielding bullion.
The US Federal Reserve's comment that it is not concerned with rising bond yields has added to gold's misery, Phillip Futures said in a note.
Spot gold was steady at $1,772.14 per ounce by 0703 GMT, just $6.92 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.3% to $1,787.30. Bullion, with quarterly gains of more than 12%.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot Gold rose 0.2% to $1,945.56 per ounce by 0918 GMT. US Gold futures rose 0.3% to $1,954.20 per ounce.
Spot gold fell 0.3% to $1,853.85 per ounce by 928 GMT. US gold futures were down 0.5% at $1,856.40.
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Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 05:27 GMT while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a barrel, after losing $1.32 on Wednesday.
Spot gold was up 0.1% at $1,794.67 per ounce by 01:15 GMT while US gold futures rose 0.1% to $1,795.40 per ounce.
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