2021.07.0910:24:00UTC+00Gold Holds Steady As Yields Stabilize

Gold held steady on Friday and was set for a third straight weekly gain as Treasuries halted an eight-day rally fueled by concerns about global growth amid the spread of Covid-19 variants.

Spot gold edged up 0.1 percent to $1,804.91 per ounce, while U.S. gold futures were up 0.3 percent at $1,804.95 per ounce.

U.S. 10-year Treasury yields were up 3.8 bps after having fallen 14 basis points in the first four days of the week.

German 10-year Bund yield and other major euro zone government bonds, such as those of France and the Netherlands, also saw yields tick up today.

The dollar held firm as equities slumped worldwide on worries that a spike in Delta variant infections could have a greater drag on the economy.

Investors were also reacting to news that the Biden administration is planning to add 10 Chinese entities to its economic blacklist.

On the economic front, China's consumer price inflation eased in June and factory gate prices rose at a slower pace after the government stepped up efforts to rein in rising commodity prices, official data showed earlier in the day.

Separate data showed the U.K. economy expanded at a slower pace in May despite an easing of COVID-19-related restrictions.

Looking ahead, the European Central Bank publishes the account of the monetary policy meeting of the Governing Council held on June 9-10 at 7:30 am ET.

Canada jobs data for June and U.S. wholesale inventories for May are scheduled for release in the New York session.