Gold Prices Slump Amid Stronger Dollar and Rising Yields

Gold prices retreated on Friday, marking a second consecutive week of losses. The decline was driven by a stronger US dollar and rising U.S. Treasury yields. Investors are awaiting US employment data for clues about the Federal Reserve's monetary policy path.

The spot gold price fell 0.4% to $2,616.58 per ounce as of 00:31 GMT, representing a decline of around 3% for the week, according to Reuters.

US gold futures for December delivery dropped 0.3% to $2,619.10. Other precious metals also saw declines: spot silver decreased by 0.2% to $30.71 per ounce, while platinum fell 0.3% to $918.80. However, palladium rose 0.6% to $1,177.80.