Gold Prices Slide Over 2% Amid Stronger Dollar and Higher Yields

Gold prices dipped over the past week, down more than 2% as investors await key employment data from the US. The precious metal has been under pressure due to a stronger US dollar and higher US Treasury yields.

The US dollar was on course for a weekly gain, making gold more expensive for buyers using other currencies. As of 0419 GMT on Friday, spot gold was little changed at $4,184.45 an ounce, while US gold futures rose 0.3% to $4,214.70 an ounce.

The market is closely watching expectations for US interest rates as well as geopolitical developments in the Middle East, said Kyle Rodda, senior financial market analyst at Capital.com. Stronger-than-expected employment data could reduce expectations of Federal Reserve rate cuts, potentially putting further pressure on gold prices.