WASHINGTON (dpa-AFX) - Gold prices rose slightly on Friday but were on track for a third weekly fall on fears of U.S. interest rates remaining higher for longer.
Spot gold edged up 0.2 percent to $1,893.09 per ounce, while U.S. gold futures were up 0.4 percent at $1,922.25.
China concerns persisted and the dollar and bond yields eased from recent highs, helping increase bullion's appeal.
The 10-year U.S. Treasury yield fell back below 4.3 percent, after settling at the highest since November 2007 in the U.S. trading session.
Overnight, new jobless claims data pointed to a still tight labor market and a gauge of regional manufacturing activity rebounded in August to show its first positive reading in nearly a year, keeping alive fears of interest rates remaining higher for longer.
Risk-off sentiment prevails in financial markets amid concerns about spreading debt defaults in China's property market and shadow banking industry.
China's property developer Evergrande filed for bankruptcy protection in a U.S. court, raising concerns about ripple effects.
A liquidity crisis at one of China's top asset managers Zhongzhi Enterprise Group has raised worries of a contagion risk to the financial sector.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX