PRECIOUS-Gold faces its worst week in 12 as US Treasury yields strengthened | Instant News


    Feb 19 (Reuters) - Gold prices fell to their lowest in
nearly three months on Friday and headed for their worst week
since end-November, as recent strength in U.S. Treasury yields
dented the non-yielding metal's appeal.
    
    FUNDAMENTALS
    * Spot gold        fell 0.4% to $1,769.26 per ounce by 0100
GMT, having touched its lowest since Nov. 30 at $1,765.35
earlier in the session. Prices have declined 3% so far this
week.
    * U.S. gold futures        slipped 0.5% to $1,766.40.
    * Benchmark U.S. Treasury yields edged higher, having hit a
near one-year peak earlier in the week. Higher yields increase
the opportunity cost of holding bullion, which pays no interest.
    * The dollar        was also set to mark a weekly gain,
making gold expensive for holders of other currencies. 
    * U.S. jobless claims unexpectedly increased last week,
raising the possibility of a second straight month of tepid job
growth despite declining new COVID-19 infections.            
    * Switzerland's monthly gold exports to India in January
reached their highest since May 2019, though exports to China
and Hong Kong remained at rock bottom, customs data showed on
Thursday.             
    * Silver        eased 0.6% to $26.86 an ounce, after falling
over 1.8% so far this week, its worst since mid-January. 
    * Platinum        slipped 0.7% to $1,266.09 and was on
course to mark its third straight weekly gain, while palladium
       shed 0.3% to $2,345.02.

DATA/EVENTS (GMT)
0700  UK      Retail Sales MM, YY                Jan
0700  UK      Retail Sales Ex-Fuel MM            Jan
0745  France  CPI (EU Norm) Final MM, YY         Jan
0815  France  Markit Mfg, Serv, Comp Flash PMIs  Feb
0830  Germany Markit Mfg, Serv, Comp Flash PMIs  Feb
0900  EU      Markit Mfg, Serv, Comp Flash PMIs  Feb
0930  UK      Flash Mfg, Serv, Comp PMIs         Feb
1445  US      Markit Mfg, Serv, Comp Flash PMIs  Feb
1500  US      Existing Home Sales                Jan

 (Reporting by Sumita Layek in Bengaluru; Editing by Devika
Syamnath)
  

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