Gold Prices Set For Third-Weekly Rally

Gold prices are set for third-weekly gain as a number of factors supported gold price including softer dollar, retreat in US treasury yield as well as the latest proposal of the Biden's administration to hike capital gains tax, which prompted investors to flock to safe haven gold.

Spot gold was up 0.2% at $1,787.11 per ounce by 0135 GMT, after hitting its highest since Feb. 25 at $1,797.67 on Thursday. The metal has gained about 0.6% so far this week.U.S. gold futures rose 0.4% to $1,788.10 per ounce.

US treasury yield trickled down after high earners would be imposed a higher tax to finance about$1 trillion in childcare, universal pre-kindergarten education and paid leave for workers.

On the MCX, gold futures for June delivery are down below Rs. 48000, declining Rs. 87 per 10 gm.

Last week, the number of US citizens claiming unemployment benefit declined to 13-month low.

As per the Swiss customs data, gold shipments to India increased to their highest since 2013.

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