Gold closes week above $2,700, US PCE data in Focus

• Gold prices rally 1.50% on Friday, boosted by a decrease in US 10-year Treasury yields to 4.40%.
• Escalating geopolitical concerns, including potential expansion of the Russia-Ukraine conflict, fuel demand for Bullion’s safe-haven status.
• US economic data shows mixed signals; Services and Composite PMIs outperform while Manufacturing PMI remains in contraction.

Gold price rallies to a new two-week high on Friday during the North American session as US Treasury bond yields drop. Geopolitics continued to play its part, keeping the golden metal bid, while US business activity improved, capping the non-yielding metal advance. The XAU/USD trades at $2,710, gaining 1.50%.

The yellow metal surged due to a slight fall in US Treasury yields. The US 10-year T-note dipped two basis points to 4.40%, a tailwind for Bullion prices, set to print gains of more than 5% on the week.