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Gold recovers from 5-month lows as $, bond yields decline

Gold recovered slightly from its five-month lows on Friday as the dollar and bond yields declined. However, bullion was still heading for another weekly fall since upbeat US data reinforced hopes that the Federal Reserve will continue raising interest rates. Spot gold on Thursday hit a five-month low of $1884 due to positive US economic data.

Spot gold was unchanged at $1,887.79 per ounce on Friday at 2:22 p.m. ET (1822 GMT), down 1.4% for the week. Reuters reports that US gold futures ended the day 0.1% higher at $1,916.5. Due to the dollar's 0.2% decline, which limited losses for the day, gold became more affordable for holders of other currencies.

On Friday, when the US dollar slid from its highs, gold prices in India rose on the Multi Commodity Exchange (MCX), following rise in global prices.

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