FUNDAMENTALS
Spot gold eased 0.2% to $1,693.79 per ounce by 0055 GMT, having earlier dropped to its lowest since June 8 at $1,688.96. It was down 2.3% for the week so far.
U.S. gold futures dropped 0.6% to $1,691.20.
Powell on Thursday repeated his pledge to keep credit loose and said although the rise in yields was “notable”, he did not consider it a “disorderly” move.
The U.S. 10-year yield topped 1.5%, while the dollar surged to three-month highs. Higher yields increase the opportunity cost of holding bullion, which pays no interest.
U.S. jobless claims rose last week after brutal winter storms in mid-February.
The amount of gold held by exchange traded funds fell by 84.7 tonnes worth $4.6 billion in February, the World Gold Council (WGC) said.
CME Group Inc decreased margins for COMEX 100 Gold Futures contracts by 9.1%.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust fell 0.4% on Thursday.
Silver rose 0.2% to $25.35 an ounce, but was down 5% for the week so far, its worst since late-November.
Palladium climbed 0.2% to $2,343.55. Platinum shed 1.2% to $1,113.02.
DATA/EVENTS (GMT)
0700 Germany Industrial Orders MM Jan
0745 France Reserve Assets Total Feb
0830 UK Halifax House Prices MM Feb
1330 US Non-Farm Payrolls Feb
1330 US Unemployment Rate Feb
1330 US Average Earnings YY Feb
1330 US International Trade Jan
2000 US Federal Reserve issues Consumer Credit for January
