Picture used for illustrative purpose. File

Gulf Today Report 

Gold prices dropped on Friday as US Treasury yields recorded gains on strong economic data reducing the metal’s appeal.

Spot gold was down 0.1% at $1,770.41 per ounce by 06:26 GMT while US gold futures were steady at $1,769.00 per ounce.

Despite the drop, gold was on course for its first monthly gain of the year.

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Stephen Innes, managing partner at SPI Asset Management said "this string of consecutively strong US economic data is weighing on gold."

Benchmark US 10-year Treasury yields hovered near their highest in more than two weeks, increasing the opportunity cost of holding non-yielding bullion.

Earlier this week, the Fed held interest rates and its bond-buying program steady.