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PRECIOUS-Gold hovers near 7-week high on subdued U.S. dollar, yields
Published at 21/04/2021 at 02:22
April 21 (Reuters) - Gold prices edged higher on Wednesday, hovering near a seven-week peak hit earlier this week, as a weaker dollar and a retreat in U.S. Treasury yields lifted demand for the safe-haven metal.
* Spot gold was up 0.1% at $1,779.55 per ounce by 0110 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday.
* U.S. gold futures edged 0.1% higher to $1,779.60 per ounce.
* The dollar index fell 0.1% against its rivals after touching a near seven-week low in the previous session, making gold less expensive for other currency holders.
* Benchmark 10-year U.S. Treasury yields dropped below 1.6%, reducing the opportunity cost of holding non-yielding bullion.
* New Zealand's consumer price index (CPI) rose by faster than expected in the first quarter as transport and housing prices jumped, according to data released by Statistics New Zealand.
* The Bank of Japan is set to predict for the first time that inflation will remain well short of its 2% target beyond Governor Haruhiko Kuroda's term through early 2023, say sources familiar with its thinking.
* Market participants now await the European Central Bank meeting on Thursday for further clarity about stimulus plans for the bloc. The U.S. Federal Reserve policy meeting is due next week.
* Gold is seen as a hedge against inflation that could follow stimulus measures, but higher Treasury yields have dulled some of the appeal of the non-yielding commodity this year.
* A gauge of stock prices across the world fell on Tuesday and oil prices also slipped as concern lingered over rising global COVID-19 cases and their effect on the global economic rebound.
* Silver eased 0.2% to $25.83 per ounce. Palladium
rose 0.6% to $2,778.17. Platinum fell 0.2% to $1,185.47.
DATA/EVENTS (GMT) 0600 UK CPI YY March
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
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