Gold futures ended higher on Friday, whetted by the weakness in the US currency and the steep correction in the US Treasury yield bonds. Benchmark US bond yields hovered near a one-month low hit in the previous session, while the dollar registered second week of declines. Surging covid cases and the peaking inflation worries buoyed the yellow metal to a seven week high level in the session.
Gold futures for June rose by 0.8% to settle at $1,780.20 an ounce on the Comex division of the New York Mercantile. Spot gold was 0.8% higher at $1,778.04 per ounce