Gold Edges Lower As Treasury Yields Rebound

The gold market found some support from comments from the U.S. Federal Reserve Chairman on Thursday after he suggested no change in interest rates.

Spot gold rose 0.3% to $1,848.07 per ounce by 0054 GMT, while US gold futures eased 0.4% to $1,847.70.

Despite the market being underpinned by COVID concerns, buyers are not chasing gold higher because benchmark 10-year Treasury yields remain close to 10-month highs reached earlier in the week.

Markets are eyeing Biden's economic relief plan due later in the day and estimated to cost "trillions" of dollars in an effort to deliver immediate pandemic "rescue" efforts.

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Margaret Yang, DailyFX strategist said "fiscal stimulus will help boost economic recovery, leading to rising real interest rates as well as bring up Federal Reserve's tapering hopes; on the flip side, it'll also increase the inflation outlook".

Friday's U.S.jobs report - which showed the USA lost 140,000 payroll positions in December - pushes the central bank farther from its goals, though officials and many private economists expect the economy to rebound this year as a Covid-19 vaccine is distributed through the population. "We can not afford inaction."Biden's proposal is the latest attempt by the next president to sidestep the various conflagrations either ignited or exacerbated by his predecessor, whose incitement of violence at the Capitol last week-and subsequent impeachment by the House of Representatives on Wednesday night-has made a chaotic transition of power even more difficult.The president-elect, mindful of the paper-thin Democratic majorities in Congress and wary of pissing off congressional Republicans before he's even entered office, has assiduously avoided calling for Trump's impeachment".

Silver rose 0.1% to $25.16 an ounce. Platinum climbed 0.6% to $1,100.93, while palladium eased 0.1% to $2,382.33.