Gold prices were flat to slightly higher on Thursday as a dollar gauge extended its rally to a sixth day, the longest streak in almost 10 months, amidst expectations of aggressive rate hikes by the Federal Reserve.
Spot gold edged up 0.1 percent to $1,927.57 per ounce, while U.S. gold futures were up 0.2 percent at $1,927.65.
As inflation worries mount, speculation is rife that the U.S. central bank will raise interest rates by a hefty 50 basis points at its meetings in May and June.
A slew of Fed officials, including St. Louis Fed President James Bullard, Atlanta Fed President Raphael Bostic and Chicago Fed President Charles Evans are scheduled to speak at separate events later in the day.
Bond yields dipped slightly, with the yield on 10-year Treasuries declining three basis points to 2.57 percent after China’s cabinet pledged to use monetary policy tools at an “appropriate time” to boost the economy amid a Covid outbreak and property-market woes.
German and Britain yields also declined by 2-3 basis points amid speculation that China may announce new stimulus measures as early as next week.