The price of gold rose symbolically on Friday morning, which may contribute to a slight decline in U.S. government bond yields, according to trading data.

The price of June gold futures on the New York Comex Exchange rose $1.05, or 0.05%, to $2,056.35 a troy ounce. Silver futures for May delivery are up 0.6% to $26,080 an ounce.

Gold quotations are influenced by the U.S. government bond market. The yield on 10-year U.S. government bonds (US Treasuries) fell to 3.441% from 3.451% on the previous trading day. U.S. Treasuries are an alternative to gold as a “safe-haven” asset. Therefore, the price of gold and their yields tend to be multidirectional.

Investors also continue to assess U.S. inflation data. For instance, consumer prices in the country on an annualized basis rose by 5% in March following a 6% increase a month earlier, while the producer price index climbed 2.7% after 4.6%. Both indicators were below analysts’ expectations.

Also, the Federal Reserve (Fed) said in its minutes that it expects a “mild” recession by the end of this year and a recovery within two years.

We previously reported that the IMF forecasts a 24.1 percent drop in oil prices in 2023.