Gold prices edged up on Thursday to recover from a near nine-month low hit in the previous session, although higher U.S. Treasury yields continued to weigh on the non-yielding bullion’s appeal.
* Spot gold was up 0.2% at $1,714.27 per ounce by 0051 GMT, having dropped to their lowest since June 9 at $1,701.40 on Wednesday. U.S. gold futures dipped 0.2% to $1,712.80.
* Benchmark U.S. Treasury yields held near 1.5%, increasing the opportunity cost of holding bullion, which pays no returns.
* The U.S. economic recovery continued at a modest pace over the first weeks of this year, the Federal Reserve reported on Wednesday.
* Chicago Fed President Charles Evans on Wednesday said he sees the recent rapid rise in bond yields as mostly reflecting improvements in the economy. * U.S. private payrolls increased less than expected in February, suggesting the labor market was continuing to struggle.
* The U.S. Senate delayed the start of debate on a $1.9 trillion COVID-19 relief bill until at least Thursday.
* Investors now await Fed Chair Jerome Powell’s speech before a virtual Wall Street Journal Jobs Summit at 1705 GMT, for clues on the outlook of the central bank’s monetary policy.
* Perth Mint’s gold sales surged in February to their highest in at least nine years, while silver sales also jumped, the refiner said in a blog post on Wednesday.
* Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust fell 0.4% to 1,082.38 tonnes on Wednesday.
* Silver rose 0.4% to $26.18 an ounce, while palladium eased 0.3% at $2,347.52. Platinum shed 0.5% to $1,161.50.
