The yield on the 10-year Treasury has recently soared toward its highest level since 2023, injecting nervousness into the U.S. stock market that's knocked indexes from their records.

Gold held firm near a five-week high on Friday and was set for a third straight week of gains, as U.S. inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further this year.

The US Federal Reserve could cut rates three or four times this year if inflation data cooperates, with a first cut possible before July, a senior bank official said Thursday.