Gold Heads for Weekly Loss Amid Rising Treasury Yields

Gold prices edged higher on Friday but were still headed for a weekly loss due to concerns about sticky inflation and hawkish signals from Federal Reserve policymakers.

The spot price of gold rose 0.1% to $4,282.98 per ounce by 2:05 p.m. ET (1805 GMT), while US gold futures settled 0.5% higher at $4,321.20.

Han Tan, chief market analyst at Bybit, noted that the 'unrelenting surge in Treasury yields has set gold on course for its 4th weekly decline over the past five weeks.'

The US benchmark 10-year bond yield hit a fresh 19-year high, making it more expensive to hold non-yielding bullion.