Gold is declining at the end of trading today, but is making strong weekly gains

Gold traded lower by 1.11% on Friday, while trading lower on Friday, as yields on Treasury bonds fell on the back of opportunities to raise US interest rates and the strength of the dollar. Weekly gains are supported by a 0.57% fall in the dollar on a weekly basis.

Gold on the spot traded down 0.3% at $ 1,816.22 an ounce at the time of writing, and US gold futures were down 0.3% at $ 1816.50.

The 10-year US Treasury bond yield rose 0.07% to 1.784%, while the US dollar rose 0.4% to 95.18, measuring its performance against the basket of 6 major currencies. First level since last November.

Gold is a defense against rising inflation, but higher interest rates translate into a higher chance cost of holding unproductive gold.

Gold rose briefly after the release of data showing that retail sales fell 1.9% in December, in light of the shortfall in U.S. commodities due to disruptions in supply chains and increased corona injuries due to omega-3 mutations, before then receding into decline. Rise in dollar and treasury revenues supported by reports from members of the US Federal Reserve.

According to Philip Strebel, chief market strategist at Blue Line Futures in Chicago, gold is an essential component of personal investment portfolios until the economy is clear.

Weak data this week could, in both cases, have a positive impact on gold, raising demand for gold as a safe haven through intense selling in markets or as the US Federal Reserve begins to manage expectations, Strebel said. Raises interest rates.

In a research note, DT Securities said gold prices are likely to fall in the coming weeks as markets focus on monetary tightness and the possibility of tightening volume, with no evidence of a reversal in the coming weeks.

Silver price was down 0.9% at $ 22.86 an ounce in spot trading, and weekly gains were on track to reach about 2.5%, while platinum was down 0.2% at $ 967.32 and was projected to gain 1.2% this week. The price of palladium fell 0.3% to $ 1882.12 and the weekly decline was about 2.7%.