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PRECIOUS-Gold edges lower as firmer U.S. yields pinch appeal
Published at 30/04/2021 at 02:35

April 30 (Reuters) - Gold prices edged down on Friday as higher U.S. Treasury yields dampened the metal's appeal, while palladium eased off a record high scaled a day earlier.

FUNDAMENTALS

* Spot gold was down 0.2% at $1,767.12 per ounce by 0113 GMT, U.S. gold futures were steady at $1,768.30 per ounce.

* Palladium fell 0.1% to $2,947.77 per ounce, after hitting an all-time high of $2,981.99 on Thursday. The metal was still on track to post its third straight weekly gain.

* Benchmark U.S. 10-year Treasury yields rose to a more than two-week high in the previous session, increasing the opportunity cost of holding non-yielding bullion.

* U.S. economic growth accelerated in the first quarter as the government gave money to mostly lower-income households, fuelling consumer spending and setting the course for what is expected to be the strongest performance this year in nearly four decades.

* U.S. President Joe Biden proposed a sweeping new $1.8 trillion plan for families and education in a speech to a joint session of Congress.

* Japan's industrial output posted a surprise increase in March, as a jump in car production helped keep an economic recovery from last year's deep coronavirus slump on track.

* China's 2021 gold demand will see annual growth and will revert to pre-pandemic levels if there are no dramatic changes to the global economic and geo-political situation, a World Gold Council (WGC) official said on Thursday.

* Meanwhile, more than 149.67 million people have been reported to be infected by the novel coronavirus globally and 3,290,675​ have died, according to a Reuters tally.

* Silver fell 0.6% to $25.94 per ounce. Platinum

was up 0.5% at $1,203.59.

DATA/EVENTS (GMT) 0530 France GDP Preliminary QQ Q1 0645 France CPI (EU Norm) Prelim YY April 0800 Germany GDP Flash QQ SA, YY NSA Q1 0900 EU GDP Flash Prelim YY, QQ Q1 0900 EU Unemployment Rate March 1230 US Consumption, Adjusted MM March 1400 US U Mich Sentiment Final April

(Reporting by Shreyansi Singh in Bengaluru; Editing by Subhranshu Sahu)

((Shreyansi.Singh@thomsonreuters.com; +91 8061823666/3590 (If within U.S. call +1 646 223 8780); Reuters Messaging: Shreyansi.Singh@thomsonreuters.com))