Gold prices rose on Thursday to hover near one-week highs as U.S. Treasury yields fell ahead of data on U.S. weekly jobless claims, with economists surveyed by Dow Jones expecting 725,000 new claims.

Spot gold was up 0.4 percent to $1,732.71 per ounce, after having hit its highest since March 3 at $1,739.63 earlier in the day. U.S. gold futures were up half a percent at $1,730.55.

U.S. Treasury yields continued to move lower after the release of weaker-than-expected inflation data and a successful auction of benchmark 10-year notes.

The dollar retreated after the U.S. House of Representatives passed the $1.9 trillion coronavirus relief package.

The U.S. House of Representatives voted 220-211 to pass Covid-19 relief package and send it to President Biden’s desk for signature.

Focus now remains on the auction of 30-year U.S. Treasuries and the European Central Bank’s rate decision, with no changes to rates or the scope of bond purchases expected. Nonetheless, President Lagarde’s comments at the press conference will be closely watched.

The material has been provided by InstaForex Company – www.instaforex.com

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