Gold prices pull back as dollar and yields rise to end the week

Gold prices pull back as dollar and yields rise to end the week

Gold futures on Friday retreated a day after the biggest daily gain of the month, weighed by a rise in bond yields and a strengthening dollar.

For the week, however, both gold and silver are on track to book weekly advances as investors wade into precious metals with some eye toward protecting themselves against choppiness in the market as the global economy attempts to stage a fuller recovery from the COVID pandemic.

Gold this week has mostly benefited from a weekly retreat in the dollar, down 0.7%, as measured by the ICE U.S. Dollar Index

DXY, +0.32%.

Dollar-priced bullion tends to move inversely with the dollar, as a stronger buck can be comparatively more expensive to overseas buyers.

On the day, however, the greenback was gaining traction higher, up 0.2%, while benchmark yields for government debt were climbing. The 10-year Treasury note

TMUBMUSD10Y, 1.687%

was yielding around 1.67%, up 3.3 basis points, though it is down from where it ended last week at around 1.72%.

Against that backdrop, June gold