Abu dhabi: Gold prices were steady in early Asian trading on Friday, heading for a third consecutive weekly gain, supported by a weaker dollar and efforts by the US Treasury Department to curb rising long-term bond yields. Spot gold was little changed at US$4,514.23 an ounce after reaching its highest level since early June in the previous session, and has gained 3.2 percent since the start of the week. US gold futures were steady at $4,571.20.

According to Emirates News Agency, among other precious metals, spot silver was little changed at $68.03 an ounce. Platinum rose 1.1 percent to $1,846.29, while palladium stood at $1,333.11. All three metals are heading for weekly gains.

The recent trends in the precious metals market have been closely tied to fluctuations in the currency and bond markets. The US Treasury's actions to address long-term bond yields appear to have provided support for gold prices, as investors seek security in the metal amidst a weaker dollar. The stability in gold futures indicates sustained interest from market participants looking to hedge against currency volatility and potential inflationary pressures.

As these dynamics continue to unfold, analysts suggest keeping a close eye on both the dollar's performance and any further measures from the US Treasury that could influence bond yields. The ongoing developments in these areas are likely to play a crucial role in determining the future trajectory of gold and other precious metals.