Gold prices rose on Thursday to their highest in more than a week, after weaker inflation data in the United States halted advances in Treasury and dollar yields.
And gold won in spot transactions 0.4 percent to 1733.46 dollars an ounce, after reaching its highest level since the third of March at 1734.55 dollars earlier.
US gold futures rose 0.6 percent to $ 1732.20.
Record US bond yields remained weak, while the dollar fell after Wednesday’s consumer price index data did not change expectations that inflation would exceed the central bank’s target of 2 percent.
The recent high yields threatened the status of gold as a hedge against inflation, as it means a higher opportunity cost of owning the metal that does not generate a return.
Investors are now looking to the European Central Bank’s policy meeting later today to see if policymakers will take any action to curb the rise in yields.
A bill to mitigate the repercussions of Corona in the United States, worth $ 1.9 trillion, finally won approval on Wednesday and is expected to give a strong impetus to the economic recovery.
As for the other precious metals, silver increased 0.5 percent to $ 26.30 an ounce. Palladium fell 0.1% to $ 2,303.11, while platinum gained 1.1% to $ 1,216.32.