Gold was down on Friday morning in Asia, staying near a nine-month low and headed for a third consecutive weekly decline. U.S. Federal Reserve Chairman Jerome Powell disappointed investors with his views on the Treasury yields pushing both the dollar and bond yields up.
Gold longs are unable to shake off their misery yet, with the yellow metal suffering its sixth setback in seven days after futures briefly broke below the key $1,700 support on Wednesday.
Gold inched down on Wednesday morning in Asia, with U.S. Treasury yields continued their fall and put pressure on the yellow metal.
Gold was down on Tuesday morning in Asia, even with a retreat in U.S. Treasury yields and progress on a massive stimulus package in the U.S. cheered investor sentiment.
Gold steadied after its biggest monthly slump since late 2016 as investor focus remained on bond yields and the outlook for growth.
Gold struggled to stay above mid-$1,700 territory Thursday, joining the plunge in most commodities and stocks on Wall Street after U.S. bond yields ran riot to the upside, triggering a so-called value-assets rally on bets the Covid-struck economy may do better than the Fed says.