Gold sought support to rebound after slipping below the $ 1,900 -an -ounce price level in Friday trading following a rebound in 10 -year U.S. bond yields.
At the start of the European session, the precious metal traded lower around $ 1,890 an ounce, slipping lower than the four -and -a -half -month high it reached on Wednesday.
Despite a slight decline, the yellow metal is now on track for its fourth consecutive weekly gain after soaring around 0.5% this week.
U.S. 10 -year bond yields rose above 1.6%, following reports that President Joe Biden would announce a $ 6 trillion budget for fiscal year 2022, on Friday.
In addition, gold price movements were also limited by encouraging readings in US unemployment claims data last week, which reportedly dropped to its lowest level since mid -March 2020.
Investors are now waiting for the core price index (PCE) report to be published on a mini night during the New York session, where it will also be used as a measure to inflation by the Federal Reserve.
