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PRECIOUS-Gold flat as U.S. yields negate firmer dollar

Published 11/05/2021, 02:52
Updated 11/05/2021, 02:54
© Reuters.

© Reuters.

May 11 (Reuters) - Gold prices were steady on Tuesday as a
retreat in U.S. Treasury yields countered a slight rebound in
the dollar, while investors awaited key data on inflation due
later this week.

FUNDAMENTALS
* Spot gold XAU= was steady at $1,836.26 per ounce by 0134
GMT, after hitting its highest since Feb. 11 at $1,842.91 on
Friday.
* U.S. gold futures GCv1 were down 0.1% at $1,836.40 per
ounce.
* The dollar index .DXY was up 0.1%, making gold more
expensive for other currency holders. USD/
* The U.S. currency slipped to a more than two-month low in
the previous session after U.S. non-farm payrolls data on Friday
showed jobs growth unexpectedly slowed in April. * Benchmark U.S. 10-year Treasury yields US10YT=RR were
pinned below 1.6%. Lower bond yields reduce the opportunity cost
of holding non-yielding gold. US/
* Bank of Japan policymakers warned of uncertainties over
the country's economic recovery as pandemic curbs hurt service
consumption, a summary of their opinions voiced at an April
policy meeting showed on Tuesday. * Market participants awaited the release of U.S. consumer
price data due on Wednesday to gauge inflationary pressure and
the Federal reserve's policy stance.
* Fed officials would like to see higher inflation, more
wage growth and several months of strong employment gains
averaging 1 million jobs added before they would consider
adjusting monetary policy, Chicago Fed Bank President Charles
Evans said on Monday. * U.S. President Joe Biden on Monday urged U.S. companies to
help workers gain access to vaccines and to raise their pay
while touting an infusion of $350 billion in federal aid to
state and local governments. * Palladium XPD= fell 0.2% to $2,953.59 per ounce.
* Silver XAG= was little changed at $27.31 per ounce,
while platinum XPT= was down 0.4% at $1,242.17.

DATA/EVENTS (GMT)
0900 Germany ZEW Economic Sentiment May
0900 Germany ZEW Current Conditions May
1400 US JOLTS Job Openings March

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