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Friday, 20 January 2017

Gold Steadies As Dollar, U.S. Bonds Yields Pare Gains

Gold steadied on Thursday, giving up earlier losses as the dollar and U.S. bond yields pared gains, following earlier pressure from strong U.S. economic data and support from Federal Reserve Chair Janet Yellen for higher U.S. interest rates.

Spot gold turned up 0.1 percent to $1,205.14 an ounce by 2:58 p.m. EST (1958 GMT), having dropped by 1.1 percent in the previous session, its biggest fall since Dec. 15. U.S. gold futures settled down 0.9 percent at $1,201.50.

Better than expected jobs and housing data reinforced the view that the U.S. economy is sufficiently robust to warrant rate rises, turning back recent falls for the dollar and pushing 10-year bond yields to their highest since Jan. 3. A strong dollar makes gold more expensive for holders of other currencies.

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