Gold Prices Plummet Ahead of Crucial US Jobs Data
Gold prices declined on Friday, heading for their second consecutive weekly loss. The stronger US dollar and rising Treasury yields weighed on the precious metal.
The spot gold price dropped 0.6% to $4,154.78 an ounce by 0205 GMT, while US gold futures fell 0.4% to $4,184. This marks a more than 3% decline for the week.
The dollar's strength made gold and other commodities priced in US currency more expensive for international buyers. Yields on 10-year and 30-year US Treasury bonds reached their highest levels since 2002, further pressuring non-yielding assets like gold.
Kyle Rodda, senior financial market analyst at Capital.com, stated that investors were monitoring expectations for US interest rates alongside developments in the Middle East. He noted that the nonfarm payrolls figures would be crucial in determining the outlook for monetary policy.