Gold price logs daily gain, but rising bond yields drive the metal to a weekly loss

New York (Apr 27)  Gold prices settled modestly higher Friday but notched a weekly decline as rising U.S. government bond yields weighed on the precious metal. June gold GCM8, +0.60% finished the day up 0.4% at $1,323.40 an ounce, but ended the week off 1.1% based on Friday's close of the most-active contract. The climb of benchmark 10-year Treasury note yield TMUBMUSD10Y, -0.72% to its highest level in four years, above the 3% mark, weighed on precious metals which don't bear a yield. Gold prices saw tepid gains on Friday as yields, which move inversely to bond prices, retreated somewhat. A rise in the U.S. dollar up 0.1% on the session, as measured by the ICE U.S. Dollar Index DXY, -0.05% limited the commodity's daily advance.

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