* Investors favor other assets to -analyst hedge inflation
* US Fed officials were preparing to keep monetary policy easy
* Interactive graphical administration of global coronavirus distribution: tmsnrt.rs/3mvcUoa (Price updates)
Feb 18 (Reuters) – Gold held near 11-week levels in choppy trading on Thursday as investment hopes for global economic recovery lifted U.S. Treasury yields and made the precious metal so attractive.
Spot gold fell 0.1% to $ 1,774.85 an ounce by 12:19 pm EST (1719 GMT), near its November 30 low of $ 1,767.20, hitting earlier.
U.S. gold futures rose 0.1% to $ 1,774.80.
Recent U.S. data, including manufacturing figures from the New York Federal Reserve and separate economic readings from the Philadelphia Fed, were very strong and showed that “things are starting to recover from the downturn. coronavirus, ”said Bob Haberkorn, senior market expert at RJO Futures.
But some bargain hunting, given that gold declines were below $ 1,800 and the dollar is lower, kicked off in gold from a recent low, Haberkorn said.
Also giving a floor to bullion, the U.S. Federal Reserve on Wednesday reaffirmed its commitment to keep interest rates close to zero until inflation and earnings rise.
Gold’s response to an unexpected rise in weekly jobless claims on Thursday was also relatively quiet, with U.S. Treasury Department yields rising amid signs of an economic upturn.
Gold appeal grinders have a higher yield as a recent inflation hedge, as they increase the opportunity cost of keeping the bull not yielding.
Gold is having a hard time trying to outperform investors as a hedge of inflation, with other favorite assets in its place, FXTM market analyst Han Tan said.
Technically, a decline in the 50-day moving average of gold below the 200-day moving average could lead to more sales, analysts said.
Platinum self-catalyst metal gained 0.6% to $ 1,260.76 an ounce.
“As long as data such as automated sales and production continues to be positive, that will help convey the message that platinum should be one of the winners from the strengthening of the business cycle,” said independent analyst Robin Bhar.
Elsewhere, palladium fell 1.2% to $ 2,343.33 and silver lost 1.2% to $ 27.03.
Reporting by K. Sathya Narayanan, Nakul Iyer and Sumita Layek in Bengaluru; Edited by Cynthia Osterman, Kirsten Donovan