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Gold prices give up one-week high as US yields rebound
Gold prices fell in European trade on Thursday for the first time in four days, moving away from a week high under pressure from higher US 10-year treasury yields.
Now markets await important US labor data, which could provide crucial pricing to the odds of a Fed rate cut in March.
Prices
Gold prices fell 0.7% to $2899 an ounce, with a session-high at $2926.
On Wednesday, gold prices rose 0.1%, marking the third profit in a row and hitting a week high at $2929 as the dollar dropped.
US Yields
US 10-year treasury yields rose 1.1% on Thursday on track for the third profit in a row, hitting a week high at 4.326%, in turn boosting the dollar.
It comes as investors assess the impact of US tariffs on Canada, Mexico, and China in regards to inflation in the US.
According to the Fedwatch tool, the odds of a 0.25% Fed interest rate cut in March stood at just 5%.
SPDR
Gold holdings at the SPDR Gold Trust fell 1.44 tons on Wednesday to a total of 900.36 tons, the lowest since February 20.
Euro hits fresh four-month high before ECB decision
The euro rose in European trade against a basket of major rivals, expanding gains for the fourth straight session against the dollar and hitting a four-month high, and surpassing the $1.08 barrier for the first time since November.
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