PRECIOUS-Gold holds below 4-month peak as dollar, Treasury yields rebound - Reuters

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    May 20 (Reuters) - Gold prices were flat on Thursday,
hovering below a more than four-month high hit in the previous
session, as the dollar firmed and U.S. Treasury yields rose
after the release of the minutes from the Federal Reserve's last
monetary policy meeting.
       
    FUNDAMENTALS
    * Spot gold        was flat at $1,869.50 per ounce by 0500
GMT, after hitting its highest since Jan. 8 at $1,889.75 on
Wednesday.
    * U.S. gold futures        fell 0.7% to $1,869.20 per ounce.
    * Minutes of the U.S. central bank's April 27-28 meeting
said a number of policymakers thought if the U.S. economy
continued rapid progress, it would be appropriate "at some
point" to discuss tightening its accommodative policy.
            
    * Higher interest rates increase the opportunity cost of
holding bullion.
    * The dollar index        bounced off from a near
three-month low, while benchmark U.S. Treasury yields rose to a
one-week high after the Fed minutes.      
    * British inflation more than doubled in April, the start of
a likely climb in prices this year as rich economies recover
from pandemic lockdowns, but one that the Bank of England hopes
will prove temporary.             
    * The surge in euro zone inflation is temporary and consumer
prices should fall sharply next year, European Central Bank
board member Isabel Schnabel told German broadcaster ARD on
Wednesday.             
    * Japan's exports grew the most since 2010 in April,
supported by a favourable comparison with the sharp plunge seen
during the initial months of the pandemic a year earlier.
            
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.5% to 1,031.27
tonnes on Wednesday from 1,035.93 tonnes on Tuesday.          
    * Palladium        gained 0.3% to $2,875.94 per ounce,
silver        eased 0.3% to $27.66, while platinum        edged
0.2% higher to $1,193.32.
            
DATA/EVENTS (GMT)
0130  Australia  Employment                April
0130  Australia  Unemployment Rate         April
1230  US         Initial Jobless Clm       Weekly
1230  US         Philly Fed Business Indx  May

 (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi
Aich)
  

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