* U.S. bond yields dip from 14-month highs
* Palladium heads for best week since early November
* Gold up more than 0.8% this week (Updates prices)
By Brijesh Patel
March 19 (Reuters) - Gold edged higher on Friday, on track for a second consecutive weekly gain, as a slight retreat by the dollar and U.S. Treasury yields offered support to the safe-haven metal.
"A correction in the US 10-year Treasury yield, and indeed in the U.S. dollar index , is offering a little bit of a lift to gold prices, but we've been up here before around the $1,745 level and gold's found some resistance," said independent analyst Ross Norman.
"It doesn't feel like gold got a lot of momentum behind it or sufficient to push it through. We might require a convincing indication that these corrections in yield and the U.S. dollar are more sustainable, and there's no evidence of that just now."
The benchmark U.S. 10-year yield US10YT=RR eased to 1.671% from Thursday's more than one-year peak at 1.754% while the dollar gave up early gains. USD/ US/
The U.S. Federal Reserve this week repeated its pledge to keep its target interest rate near zero and said it expects higher economic growth and inflation this year. is often used as a hedge against higher inflation, but a recent spike in U.S. Treasury yields has weighed on the non-yielding commodity.
Palladium XPD= dropped 2% to $2,628.84 an ounce after rising as much as 7.3% in the previous session. The auto-catalyst metal was on track for close to a 12% weekly jump, its biggest since early November.
"Volatility on the palladium market remains very high. Though the price is trading $100 lower today, the 'risk' of another surge in the short term is probably high," Commerzbank (DE: CBKG ) analysts wrote in a note. XAG= rose 0.5% to $26.18 and platinum XPT= was down 0.8% at $1,197.57.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.