PRECIOUS-Gold prices off 9-month low, but pressured by rising bond yields

* Gold undeniably on a bearish trend - analyst
* Powell's comments at virtual Jobs Summit eyed
* Holdings of SPDR Gold fall to lowest since May

(Adds analyst comments, updates prices)
By Sumita Layek
March 4 (Reuters) - Gold prices rose on Thursday, rebounding
from a near nine-month low hit in the previous session, but
rising U.S. Treasury yields continued to weigh on non-yielding
bullion.
Spot gold XAU= rose 0.5% to $1,719.21 per ounce by 0729
GMT, having dropped to its lowest since June 9 at $1,701.40 on
Wednesday. U.S. gold futures GCv1 was up 0.1% to $1,717.50.
"It's just a technical bounce. The broad fundamentals are
still on the downside for gold - the dollar reversing, U.S.
yields rising have been negative for gold prices," said Hareesh
V, head of commodity research at Geojit Financial Services. He
said gold's safe-haven appeal had reduced.
Higher U.S. Treasury yields US10YT=RR threatened gold's
appeal as an inflation hedge as they increase the opportunity
cost of holding bullion, which pays no returns, while the dollar
rose against rivals. US/ USD/
Investors await Federal Reserve Chairman Jerome Powell's
remarks before a virtual Wall Street Journal Jobs Summit at 1705
GMT, on the rapid rise in yields and clues on policy outlook.
The market will need more than "jawboning" if the Fed is
serious about keeping interest rates low, "but in the absence of
that, it would continue on its own path, which is higher yields
and steepening of the yield curve," said Howie Lee, an economist
at OCBC Bank.
The U.S. Senate delayed a debate on a $1.9 trillion COVID-19
relief bill until at least Thursday. Support from inflows in gold exchange traded funds that were
a major driver for prices in 2020 also appear to be waning, said
Michael Langford, director at corporate advisory AirGuide.
Holdings of the world's largest gold-backed exchange-traded
fund, SPDR Gold Trust GLD , fell to their lowest since May 2020
on Wednesday. GOL/ETF
Silver XAG= rose 0.4% to $26.17 an ounce, while palladium
XPD= was up 0.3% to $2,361.08. Platinum XPT= was up 0.2% to
$1,169.68.