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· Gold prices fell more than 1% on Friday, weighed down by a jump in U.S. Treasury yields and a rebound in the dollar, but bullion was still on course for its first weekly gain in three weeks.

· Spot gold was 0.7% lower at $1,744.07 per ounce by 1:44 p.m. EDT (1744 GMT), having hit its highest price since March 1 at $1,758.45 on Thursday. For the week, however, prices were up about 0.9%.

· U.S. gold futures settled down 0.8% at $1,744.8.

· “While overall, gold market is bullish short-term, with expectations of a break higher through $1,760-65, caution about fresh 10- and 30-year (Treasury) auctions and the CPI report next week are keeping yields supported, keeping gold’s advance in check,” said Tai Wong, head of base and precious metals derivatives trading at BMO.

“Yields are driving most markets at (the) moment, directly impacting USD and stocks and all three matter to gold with varying impact.”

· The dollar and benchmark U.S. yields rebounded from two-week lows, reducing gold’s appeal.

· U.S. producer prices increased more than expected in March, resulting in the largest annual gain in 9-1/2 years, fitting with expectations for higher inflation as the economy reopens.

· “This type of potentially inflationary environment is generally viewed as supportive for gold,” said David Meger, director of metals trading at High Ridge Futures.

· In a potential fillip to gold’s safe-haven appeal, U.S. Federal Reserve Chair Jerome Powell on Thursday signaled the central bank is nowhere near reducing its economic support, and warned an uptick in Covid-19 cases could slow the recovery.

· “Gold’s retreat from last year’s peak is a ‘mini-correction’ in a longer bull market,” said Davis Hall, head of capital markets in Asia at Indosuez wealth management.

· Silver fell 0.8% to $25.23 per ounce.

· Platinum shed 2.1%, to $1,203.69.

· Palladium rose 0.6% to $2,640.21 per ounce, but was on track for its biggest weekly fall since the week ending Feb. 26.

· Fed's Powell: U.S. economy at an 'inflection point' - CBS '60 Minutes'

The U.S. economy is at an “inflection point” with expectations that growth and hiring will pick up speed in the months ahead, but also risks if a hasty reopening leads to a continued increase in coronavirus cases, Federal Reserve Chair Jerome Powell said.

· Lagarde sees strong rebound for EU economy in second half, expects U.S. to meet inflation goal soon

Despite a difficult struggle against the Covid-19 pandemic, the European Union will hit its economic stride later this year, European Central Bank President Christine Lagarde told CNBC on Friday.

Multiple parts of the euro zone have been hit by a renewed wave of coronavirus cases, leading officials to institute another round of shutdowns just as other developed economies are looking to rev up.

Lagarde says 2021 will probably see inflation at 1.5 percent

Christine Lagarde, ECB president, joins CNBC’s Sara Eisen to discuss her thoughts on what global herd immunity would mean for markets, bond purchases, and her thoughts on inflation targets.

· CORONAVIRUS UPDATES:

COVID-19 infections are still rising in 55 countries.

Global Cases: 136.62M (+631,342)

Global Deaths: 2.94M (+7,991)

U.S. Cases: 31.91M (+47,864)
U.S. Deaths: 575,829 (+276)

Thailand Cases: 32,625 (+967)
Thailand Deaths: 97

· Global Vaccination

So far, at least 161 countries have begun vaccinating people for the coronavirus and have administered at least 772,506,000 doses of the vaccine.

Gibraltar leads the world and has administered enough vaccine doses for 94% of its population, assuming every person needs two doses.

· WHO says more than 87% of the world’s Covid vaccine supply has gone to higher-income countries

· South African variant can 'break through' Pfizer vaccine, Israeli study says

· China considering mixing COVID-19 vaccines to boost protection rate

· U.S. has administered 183.5 million doses of COVID-19 vaccines, CDC says

· U.S. states face steep decline in J&J Covid vaccine amid production problems at Baltimore plant

· Brazil sees 1,803 COVID-19 deaths; Chinese vaccine found 50.7% effective against variant

Sao Paulo’s Butantan biomedical institute, which tested and is now producing the CoronaVac vaccine developed by China’s Sinovac Biotech Ltd, said on Sunday a study it conducted found the shot had an efficacy rate of 50.7% against the P1 variant, and a less widespread strain known as P2.

· Germany edges toward national lockdown; considers Russia’s Sputnik vaccine

· India’s Covid cases hit another record as state with most infections locks down

India reported a record 145,384 new Covid-19 cases on Saturday and the highest number of deaths in more than five months, as it grapples with an overwhelming second-wave of infections that has forced the state of Maharashtra to impose a weekend lockdown.

Deaths rose by 794 to a total of 168,436, health ministry data showed.

· Mexico reports 2,192 new coronavirus deaths after data review

Mexico’s government on Saturday reported 2,192 new confirmed coronavirus deaths, one of its biggest one-day tolls during the pandemic, after consolidating data from last year to include deaths that were not confirmed at the time.

· The day before elections, Peru marks record COVID-19 deaths

· South Korea to resume wider use of AstraZeneca coronavirus vaccine, exclude people under 30

· Thailand faces growing COVID-19 outbreak ahead of Songkran travel

· Thailand nightlife to go dark over Songkran amid third COVID wave

· China’s factories automate as worker shortage looms

· IMF hikes growth forecast for the Middle East, says recovery will be ‘divergent’

The International Monetary Fund has revised its growth forecast upward for the Middle East and North Africa region, as countries recover from the coronavirus crisis that began in 2020.

Real GDP in the MENA region is now expected to grow 4% in 2021, up from the fund’s October projection of 3.2%.

However, the outlook will vary significantly across countries depending on factors such as vaccine rollouts, exposure to tourism and policies introduced, the IMF said in its latest regional economic report published on Sunday.

· Israel pledges to work with U.S. on Iran

· Philippines, U.S. to begin 2-week joint military drill on Monday

Philippine and U.S. soldiers will conduct a two-week joint military exercise from Monday, resuming the annual training event after last year’s cancellation due to the pandemic, the Philippine military chief said on Sunday.

· Myanmar security forces with rifle grenades kill over 80 protesters, monitoring group says

· US urges UN Security Council action on Myanmar

· China, Russia undermine international Myanmar response, EU's top diplomat says

The European Union’s top diplomat said on Sunday Russia and China were hampering a united international response to Myanmar’s military coup and that the EU could offer more economic incentives if democracy returns to the country.

Reference: CNBC, Reuters, Worldometers, CAN, Nikkei Asia