Spot gold rose 0.2% to $ 1,714.27 an ounce at 0051 GMT, after falling to its lowest since June 9 at $ 1,701.40 on Wednesday. US gold futures fell 0.2% to $ 1,712.80.
Yields on benchmark US Treasuries have held steady near 1.5%, increasing the opportunity cost of holding bullion, which earns no return.
The US economic recovery continued at a modest pace in the first few weeks of this year, the Federal Reserve reported on Wednesday.
Chicago Fed Chairman Charles Evans said on Wednesday that he viewed the recent rapid rise in bond yields to primarily reflect improvements in the economy.
The U.S. private sector payroll rose less than expected in February, suggesting the labor market continues to struggle.
The US Senate has delayed the start of debate on a $ 1.9 trillion COVID-19 relief bill until at least Thursday.
Investors are now awaiting a speech by Fed Chairman Jerome Powell ahead of a virtual Wall Street Journal jobs summit at 5:05 p.m. GMT, for clues to the central bank’s monetary policy outlook.
Perth Mint gold sales jumped in February to their highest level in at least nine years, while silver sales also jumped, the refiner said in a blog post on Wednesday.
Securities of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.4% to 1,082.38 tonnes on Wednesday.
Silver was up 0.4% to $ 26.18 an ounce, while palladium was down 0.3% to $ 2,347.52. Platinum lost 0.5% to $ 1,161.50.
DATA / EVENTS (GMT)
1000 EU unemployment rate Jan
1330 US Initial Jobless Clm Weekly
1500 US factory orders MM Jan
1705 US Fed Chairman Jerome Powell takes part in a conversation about the US economy ahead of the Wall Street Journal Virtual Jobs Summit