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By Brijesh Patel (Reuters) - Gold prices on Friday hovered near a 2-1/2-month high and were on track for their best week in five months, aided by a weaker dollar and a pullback in Treasury yields as investors cautiously await U.S. non-farm payrolls report due later in the day. Spot gold was steady at $1,815.88 per ounce by 0246 GMT, after hitting its highest since Feb. 16 at $1,817.90 in the previous session. Bullion up more than 2.5% so far this week. U.S. gold futures were little changed at $1,816.40. The weaker dollar and U.S. Treasury yields dropping below 1.6% has helped gold prices to go above $1,800, Brian Lan, managing director at dealer GoldSilver Central said.
updated: May 07 2021, 12:14 ist Gold prices rose to a 2.5-month high on Friday and were on track for their best week in six months, boosted by a weaker dollar and a pullback in Treasury yields as investors cautiously await US non-farm payrolls report due later in the day. Spot gold was up 0.3 per cent at $1,820.35 per ounce by 1054 IST, after hitting its highest since Feb. 16 earlier in the session. Bullion up nearly 3 per cent so far this week. US gold futures rose 0.3 per cent to $1,820.70. The weaker dollar and US Treasury yields dropping below 1.6 per cent has helped gold prices to go above $1,800, Brian Lan, managing director at dealer GoldSilver Central said.
2 Min Read FILE PHOTO: Cleveland Federal Reserve President and CEO Loretta Mester gives her keynote address at the 2014 Financial Stability Conference in Washington December 5, 2014. REUTERS/Gary Cameron (Reuters) -The economic outlook is brightening but more improvements are needed to the labor market and inflation before the Federal Reserve will start to scale back monetary support, Cleveland Fed Bank President Loretta Mester said on Thursday. The U.S. economy is still short more than 8 million jobs from before the pandemic and inflation is expected to trend down next year after a temporary increase, Mester said. “My view is policy is going to have to remain very accommodative for some time because we want that recovery to broaden,” Mester said during a virtual conversation organized by the University of California, Santa Barbara.
2 Min Read FILE PHOTO: Cleveland Federal Reserve Bank President Loretta Mester speaks in London, Britain, July 2, 2019. REUTERS/Marc Jones (Reuters) - U.S. monetary policy will stay accommodative for a “very long time” because the economy is far from the Federal Reserve’s goals for maximum employment and price stability, Cleveland Fed President Loretta Mester said Monday. “We’re going to be accommodative for a very long time because the economy just needs it to get back on its feet,” Mester said during a virtual discussion organized by the Toledo Rotary Club. The policymaker repeated her view that economic activity could pick up in the second half of the year after most Americans have been vaccinated. But until then, fiscal aid that speeds up vaccine distribution and supports workers who are unemployed or underemployed could help stabilize the economy, Mester said.