 "Gold")
By Bharat Gautam
(Reuters) - Gold slipped to a three-week low on Friday and was en route for its first weekly drop in a month, pressured by a stronger dollar and rising U.S. bond yields.
Spot gold fell for a fifth straight session, down 0.3% at $1,753.84 per ounce as of 0940 GMT, which could be its longest losing streak since November 2021.
U.S. gold futures slipped 0.2% to $1,767.00.
Dragged by the dollar's renewed ascent and a steady rise in benchmark U.S. 10-year Treasury yields, prices of zero-yield, greenback-priced gold are down 2.7% this week. [US/] [USD/]
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However, "gold has shown some resilience this past week at times and may be quick to capitalise if the dollar rally fades," said Craig Erlam, senior market analyst at OANDA.
Several U.S. Federal Reserve officials said on Thursday that the central bank needs to keep raising interest rates to bring high inflation under control.
Rising rates increase the opportunity cost of holding non-yielding bullion.
Ahead of the next Fed meeting, traders will be heavily focused on the annual Jackson Hole economic symposium, jobs data and inflation, Erlam said. "Considering how the year has been so far, a lot can therefore change ahead of the September decision."
St. Louis Fed President James Bullard said he was currently leaning toward supporting a third straight 75-basis-point rate hike next month.
The market has been complacent in expecting the Fed to slow interest rate hikes and that they would begin easing in the first half of 2023, said Quantitative Commodity Research analyst Peter Fertig. But that is absurd, considering elevated inflation, he added.
Spot silver fell 1.5% to $19.23 per ounce and has lost about 7.6% this week, possibly its worst since September 2020.
Platinum dropped 0.9% to $902.84 and palladium slipped 0.5% to $2,144.85, both set for weekly drops.
(Reporting by Bharat Govind Gautam and Brijesh Patel in Bengaluru; Editing by Vinay Dwivedi)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
