March 5 (Reuters) - Gold slumped to a near nine-month low on
Friday and headed for a third straight weekly decline after
Federal Reserve Chair Jerome Powell disappointed investors with
his view on rising yields that pushed up the dollar and bond
yields.
FUNDAMENTALS
* Spot gold XAU= eased 0.2% to $1,693.79 per ounce by 0055
GMT, having earlier dropped to its lowest since June 8 at
$1,688.96. It was down 2.3% for the week so far.
* U.S. gold futures GCv1 dropped 0.6% to $1,691.20.
* Powell on Thursday repeated his pledge to keep credit
loose and said although the rise in yields was "notable", he did
not consider it a "disorderly" move. urn:newsml:reuters.com:*:nL2N2L2262
* The U.S. 10-year yield topped 1.5%, while the dollar
surged to three-month highs. Higher yields increase the
opportunity cost of holding bullion, which pays no
interest. USD/ US/
* U.S. jobless claims rose last week after brutal winter
storms in mid-February. urn:newsml:reuters.com:*:nL2N2L132M
* The amount of gold held by exchange traded funds fell by
84.7 tonnes worth $4.6 billion in February, the World Gold
Council (WGC) said. urn:newsml:reuters.com:*:nL2N2L21GA
* CME Group Inc CME.O decreased margins for COMEX 100 Gold
Futures contracts by 9.1%. urn:newsml:reuters.com:*:nL3N2L24LX
* Holdings of the world's largest gold-backed
exchange-traded fund, SPDR Gold Trust GLD fell 0.4% on
Thursday. GOL/ETF
* Silver XAG= rose 0.2% to $25.35 an ounce, but was down
5% for the week so far, its worst since late-November.
* Palladium XPD= climbed 0.2% to $2,343.55. Platinum
XPT= shed 1.2% to $1,113.02.
DATA/EVENTS (GMT)
0700 Germany Industrial Orders MM Jan
0745 France Reserve Assets Total Feb
0830 UK Halifax House Prices MM Feb
1330 US Non-Farm Payrolls Feb
1330 US Unemployment Rate Feb
1330 US Average Earnings YY Feb
1330 US International Trade Jan
2000 US Federal Reserve issues Consumer Credit for
January
(Reporting by Sumita Layek in Bengaluru; editing by Uttaresh.V)
((Sumita.Layek@thomsonreuters.com; Within U.S. +1 646 223 8780,
Outside U.S. +91 8061822693; Reuters Messaging:
Sumita.Layek.thomsonreuters.com@reuters.net))
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