Gold is above $1900

Gold prices rose above $1,900 an ounce on Friday, supported by a weaker dollar and lower US Treasury yields.

And gold rose in spot transactions 0.1 percent to $ 1900.10 an ounce, by 05:18 GMT. Prices have risen more than 0.5 percent since the start of the week.

US gold futures rose 0.3 percent to $1,902.7 an ounce.

Data revealed that US consumer prices rose strongly in May 2021, which led to the largest annual increase in nearly 13 years, while weekly jobless claims fell to their lowest levels in nearly 15 months last week.

The benchmark US Treasury yields fell to their lowest level in three months, reducing the opportunity cost of holding the yellow metal, which does not yield a return.

Meanwhile, the dollar index fell 0.1 percent, after hitting its highest level in nearly a week in the previous session.

On Thursday, the European Central Bank kept its monetary policy unchanged and pledged a regular flow of stimulus during the summer.

Attention now turns to the US Central Bank’s policy meeting, scheduled for June 15-16, 2021.

As for other precious metals, silver rose 0.4 percent to $ 28.07 an ounce, while platinum gained 0.1 percent to $ 1151.98.

And palladium fell 0.1 percent to $ 2772.71, and is on the path of recording a weekly decline.

Source: Reuters