Gold Prices Slip Below $4,200 as Weak Jobs Report Disappoints Investors

Gold prices were unable to hold gains following a weak U.S. employment report, resulting in their second week of losses and bringing them near recent lows.

Spot gold last traded at $4,137 an ounce, down more than 3% for the week, with selling pressure picking up as it failed to hold above $4,200 an ounce after the jobs data was released.

Simon-Peter Massabni, Head of Business Development at XS.com, noted that gold's disappointing price action indicates the market is caught between a weakening economy and elevated yields and inflation.

Economists expect rate hike expectations to remain intact for later this month, despite slowing momentum in the employment data, as the Federal Reserve remains focused on persistent inflation.