Gold prices were little changed in cautious trade on Friday as benchmark 10-year Treasury note yields edged higher following the previous day’s disappointing 7-year note auction and further signs of a solid post-pandemic economic recovery.
Spot gold was little changed with a negative bias at $1,727.11 per ounce, while U.S. gold futures were marginally higher at $1,725.70.
Risk sentiment improved somewhat as strong U.S. economic data and progress on vaccination rollouts supported hopes of economic recovery.
Overnight data showed that the number of Americans filing new claims for unemployment benefits dropped to a one-year low last week and U.S. economy grew at a faster pace than previously estimated in the fourth quarter of 2020.
In his first formal news conference, U.S. President Joe Biden promised to deliver 200 million doses of Covid-19 vaccine within his first 100 days in office.
Traders await U.S. data on personal income and spending and University of Michigan’s final consumer sentiment index due later in the day for further hints about the strength of the economy.
German business confidence improved more than expected in March, while U.K. retail sales recovered in February largely driven by non-food store sales, separate reports showed earlier in the day.