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Metals Stocks: Gold steady, on track for weekly loss as bond yields edge higher

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Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

Gold futures were little changed Friday, but on track for a weekly loss as U.S. Treasury yields edged higher.

Gold for June delivery
GCM21,
-0.02%

was down 20 cents, or less than 01%, at $1,768.10 an ounce. July silver
SIN21,
-0.33%

was off 8 cents, or 0.3%, at $26.005 an ounce. Gold was off 0.6% for the week, but on track for a monthly rise of more than 3%.

“Rising U.S. bond yields and a recent increase in ETF outflows were the factors weighing on its price,” wrote analysts at Commerzbank, in a note, referring to a weaker tone for gold in Thursday’s session.

The yield on the 10-year Treasury note
TMUBMUSD10Y,
1.642%

was up modestly this week, adding 0.3 basis point on Friday to trade at 1.646%. Rising yields can be a headwind for gold because they raise the opportunity cost of holding nonyielding assets.

Meanwhile, gold ETFs tracked by Bloomberg have seen 30 tons of outflows so far this week, the highest volume since March, Commerzbank said.

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