The gold-priced metal headed for its second consecutive weekly rise following a decline in U.S. treasury yields.
After weeks of weak moves around the same price level, gold soared to its highest level since Feb. 26 as U.S. 10-year bond yields plunged to a nearly 2-month low.
Bond yields eased lower to 1.52%, before returning to around 1.57% at the start of today's Asian session.
In the previous session, the market was marked by the publication of strong US retail sales data in March. This shows consumer demand is recovering with support from the launch of vaccines and stimulus packages.
This positive reading put a bit of pressure on gold trading, causing the gains recorded in the New York session to stop at around $ 1,795 per ounce. However, the yellow metal resumed gains at the end of the Asian session at around $ 1,763 per ounce.
In addition, the rise in gold was also supported by a statement by Federal Reserve (Fed) Chairman Jerome Powell who reiterated his stance to remain with a loose monetary policy.
