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PRECIOUS-Gold prices set for first weekly decline in 10

    * Gold on course for 4% weekly fall
    * Gold's longer-term uptrend intact - Standard Chartered
    * Silver set to snap 9-week winning streak  
    * U.S. 10-year yields up nearly 15 basis points this week
    * Interactive graphic tracking global spread of coronavirus:
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 (Adds comment, updates prices)
    By Brijesh Patel
    Aug 14 (Reuters) - Gold prices fell on Friday after a jump
in U.S. Treasury yields prompted investors to reassess their
positions following a steep retreat from a record peak earlier
this week and put bullion on course for its first weekly fall
since early June.
    Spot gold        was down 0.5% at $1,942.95 an ounce by 0726
GMT. Bullion has declined more than 4% so far this week, its
biggest weekly percentage fall since early March.
    U.S. gold futures        fell 0.9% to $1,951.90.
    "Gold is coming under pressure due an uptick in U.S. yields,
which is causing a little bit of sell-off right now," said
Edward Meir, an analyst at ED&F Man Capital Markets.
    Benchmark U.S. 10-year yields rose, after the U.S. Treasury
flooded the market with supply, setting the dollar up to stem
its recent slide and potentially eroding gold demand among those
holding other currencies.                   
    Higher yields increase the opportunity cost of holding
non-yielding assets such as bullion.
    Gold also largely ignored economic data from top consumer
China, which missed market expectations and dented equities.
                       
    Markets kept a wary eye on a stalemate in Washington over a
new stimulus package, with U.S.-China trade talks on Aug. 15
also on the radar.
    "The longer-term uptrend is intact, given USD weakness and
the scale of stimulus and as we expect interest rates to remain
low or negative," Standard Chartered analysts said in a note.
    Gold has risen 28% this year, as unprecedented global
stimulus to ease the economic blow from the pandemic pushed
investors to bullion as a hedge against possible inflation and
currency debasement.
    "While near-term price action is likely to consolidate
through $1,900 - $1,950, hard support sits toward $1,875 -$1,880
to continue the bull trend," MKS PAMP said in a note.
    Elsewhere, silver        dropped 4% to $26.46 per ounce, set
to snap a 9-week winning streak, down 6.3% so far. 
    Platinum        fell 1.4% to $944.35 and palladium       
was down 1.2% at $2,142.04.

 (Reporting by Brijesh Patel in Bengaluru, Editing by Sherry
Jacob-Phillips and Barbara Lewis)
  
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