Gold inches up, but set for worst week in ten
- The Bank of England gave British lenders breathing space of at least six months on Thursday before negative interest rates are a possibility.
Gold edged up on Friday, recovering from its lowest level in more than two months, but is still on course to post its worst week in ten due to a firmer dollar.
FUNDAMENTALS
Spot gold rose 0.2% to $1,795.10 per ounce by 0042 GMT. Prices were down 2.7% for the week, it's biggest weekly decline since Nov. 27. US gold futures gained 0.4% to $1,797.60.
On Thursday, prices fell to their lowest since Dec. 1 at $1,784.76.
Democrats in the US Senate were poised on Thursday to take a first step toward the ultimate passage of President Joe Biden's $1.9 trillion COVID-19 relief proposal.
US jobless claims decreased further last week, suggesting the labor market was stabilizing.
The dollar held firm at a more than two-month peak on Thursday, while longer-term US Treasury yields rose as investors positioned for a large pandemic relief package from Washington and a stabilizing US labor market.
The Bank of England gave British lenders breathing space of at least six months on Thursday before negative interest rates are a possibility.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust rose 0.2% to 1,159.84 tonnes on Thursday.
Australia's Perth Mint said on Thursday its January silver coin sales jumped 23.5% from the previous month.
Platinum shed 0.1% at $1,096.88 an ounce and palladium gained 0.2% to $2,286.83. Reuters