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July 9, 2021, 1:51 p.m. EDT

Gold futures settle higher Friday and mark sharpest weekly rise in 7 weeks, despite stock market rebound

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By Mark Decambre

Gold futures on Friday booked a solid gain for the session, helping the commodity mark its third straight weekly advance, as choppiness in stocks, a tepid U.S. dollar and rapidly receding yields proved a bullish cocktail for bullion. August gold /zigman2/quotes/210034565/delayed GC00 -1.06% traded $10.40, or 0.6%, higher to settle at $1,810.60 an ounce, with a weekly advance of 1.53%, based on last Friday's closing level. The weekly gain was the metal's third in a row and its sharpest since the week ended May 21, FactSet data show, underscoring an uptrend taking hold in the yellow metal. A so-called golden cross formed it gold's chart earlier in the week. A weaker dollar was likely the main catalyst for gold's gains. The dollar /zigman2/quotes/210598269/delayed DXY +0.20% was down 0.2% on Friday and down to flat on the week. A weaker dollar can make assets priced in the currency comparatively more expensive to buyers using other monetary units. Contributing to the upswing for gold was a rally in bonds, which sent long-dated yields, notably the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.46% and the 30-year bond /zigman2/quotes/211347052/realtime BX:TMUBMUSD30Y -0.10% . to lows not seen since February, diminishing the opportunity cost of owning nonyielding gold over bonds. The upbeat mood in haven gold came even as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.81% , the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.36% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +2.06% were all staging a rebound from Thursday's yield-inspired selloff.

/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,832.80
-19.70 -1.06%
Volume: 151,126
Jan. 26, 2022 11:43a
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
96.14
+0.19 +0.20%
Volume: 0.00
Jan. 26, 2022 11:43a
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.78
+0.0081 +0.46%
Volume: 0.00
Jan. 26, 2022 11:52a
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/zigman2/quotes/211347052/realtime
add Add to watchlist BX:TMUBMUSD30Y
BX : Tullett Prebon
2.12
-0.0022 -0.10%
Volume: 0.00
Jan. 26, 2022 11:52a
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,575.20
+277.47 +0.81%
Volume: 184.83M
Jan. 26, 2022 11:53a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,415.68
+59.23 +1.36%
Volume: 998.68M
Jan. 26, 2022 11:53a
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,817.80
+278.51 +2.06%
Volume: 1.78M
Jan. 26, 2022 11:53a
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