PRECIOUS-Gold rises nearly 2% as dollar, yields retreat

* U.S. jobless claims fall, retail sales rebound
* Dollar slips to four-week low
* Palladium hits highest since Feb 2020

(New throughout, adds comments, updates prices)
By Shreyansi Singh
April 15 (Reuters) - Gold jumped to its highest in over a
month on Thursday as the dollar and U.S. Treasury yields
retreated despite better-than-expected U.S. economic data,
pushing more investors to bullion as a refuge against possible
inflation ahead.
Spot gold XAU= rose 1.7% to $1,766.13 per ounce by 11:07
a.m. EDT (1507 GMT), having earlier risen to $1,767.60, its
highest since Feb. 26. U.S. gold futures GCv1 gained 1.8% to
$1,767.10.
"A massive amount of inflation is certainly on the horizon
and gold is just the best asset to own as we start to see what I
would consider some historic levels of inflation," said Jeffrey
Sica, founder of Circle Squared Alternative Investments.
"It is more of a weak dollar, strong economy, low interest
rate dynamic that's moving gold prices up," Sica added.
Making gold more appealing for holders of other currencies,
the dollar .DXY slumped to a four-week low, while retreating
benchmark 10-year U.S. Treasury yields further boosted bullion's
appeal. USD/ US/
Gold briefly pared gains after robust U.S. data showed a
better-than-expected rebound in retail sales in March, while
weekly initial claims for state unemployment benefits dropped to
the lowest level since mid-March 2020. U.S. Federal Reserve Chair Jerome Powell said on Wednesday
U.S. economy picked up speed going into the spring. Powell and other Fed officials, however, say the brighter
economic forecasts and brief period of higher inflation will not
affect monetary policy and the central bank will keep its
support in place until the crisis is over.
More price gains in the near term would better suggest a
market bottom is in place for gold, Kitco Metals senior analyst
Jim Wyckoff said in a note.
Silver XAG= gained 2% to $25.91 and palladium XPD=
climbed 2.5% at $2,743.16, having earlier hit its highest since
Feb. 28 at $2,760.53. Platinum XPT= rose 2.6% to $1,200.47,
having earlier risen as much as 2.8%.