<p>Gold prices rose on Friday after bleak US jobless claims data reinforced fears of a slower recovery from the coronavirus-induced economic crisis, denting the dollar and US Treasury yields. Spot gold was up 0.3 per cent at $1,947.83 per ounce by 0503 GMT. Gold is up 0.2 per cent so far this week, having shed 4.5 per cent in the week to Aug. 14, its worst in five months. US gold futures rose 0.5 per per cent to $1,956.10.</p>.<p>"A deterioration in US labour market data, falling bond yields and continued geopolitical tensions continue to support gold," said National Australia Bank economist John Sharma.</p>.<p>"We see gold trading between $1,920 and $1,980 in the near term," he said, adding that factors such as rising risk sentiment and progress on the coronavirus vaccine front could dent demand. A technology stocks-fuelled rally on Wall Street drove Asian markets higher on Friday, limiting gold's advance.</p>.<p>Data on Thursday showed the number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week, a setback for a struggling US job market crippled by the coronavirus pandemic.</p>.<p>This sent the dollar index and benchmark 10-year Treasury yields lower, making gold an attractive investment for holders of other currencies. Adding to doubts over a swift US economic rebound, Federal Reserve officials on Wednesday warned that a recovery faced a highly uncertain path, helping gold recover from a more than 3 per cent slump earlier this week.</p>.<p>"Despite the rebound in prices, precious metals do have short-term downside risks that would continue to affect prices," Phillip Futures analysts said in a note.</p>.<p>Meanwhile, the Trump administration declined to acknowledge any plans to meet with China over the Phase 1 trade deal. Elsewhere, silver gained 0.6 per cent to $27.40 per ounce and was poised for a weekly rise of about 3.8 per cent Platinum climbed 0.6 per cent to $922.77, while palladium fell 0.5 per cent to $2,170.53.</p>
<p>Gold prices rose on Friday after bleak US jobless claims data reinforced fears of a slower recovery from the coronavirus-induced economic crisis, denting the dollar and US Treasury yields. Spot gold was up 0.3 per cent at $1,947.83 per ounce by 0503 GMT. Gold is up 0.2 per cent so far this week, having shed 4.5 per cent in the week to Aug. 14, its worst in five months. US gold futures rose 0.5 per per cent to $1,956.10.</p>.<p>"A deterioration in US labour market data, falling bond yields and continued geopolitical tensions continue to support gold," said National Australia Bank economist John Sharma.</p>.<p>"We see gold trading between $1,920 and $1,980 in the near term," he said, adding that factors such as rising risk sentiment and progress on the coronavirus vaccine front could dent demand. A technology stocks-fuelled rally on Wall Street drove Asian markets higher on Friday, limiting gold's advance.</p>.<p>Data on Thursday showed the number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week, a setback for a struggling US job market crippled by the coronavirus pandemic.</p>.<p>This sent the dollar index and benchmark 10-year Treasury yields lower, making gold an attractive investment for holders of other currencies. Adding to doubts over a swift US economic rebound, Federal Reserve officials on Wednesday warned that a recovery faced a highly uncertain path, helping gold recover from a more than 3 per cent slump earlier this week.</p>.<p>"Despite the rebound in prices, precious metals do have short-term downside risks that would continue to affect prices," Phillip Futures analysts said in a note.</p>.<p>Meanwhile, the Trump administration declined to acknowledge any plans to meet with China over the Phase 1 trade deal. Elsewhere, silver gained 0.6 per cent to $27.40 per ounce and was poised for a weekly rise of about 3.8 per cent Platinum climbed 0.6 per cent to $922.77, while palladium fell 0.5 per cent to $2,170.53.</p>