Gold Slides Ahead of Crucial US Payrolls Data
Gold prices slid on Friday and are set to post their second consecutive weekly decline as investors await key US payrolls data for clues on the Federal Reserve's policy path.
The spot price of gold fell by 0.6% to $4,154.78 per ounce by 0205 GMT and was down more than 3% for the week so far.
The US dollar was headed for a weekly gain, making greenback-priced metals more expensive for holders of other currencies, while yields on 10- and 30-year Treasuries hit their highest levels since 2002 on Thursday.
Market participants are watching US interest rate expectations and geopolitical developments in the Middle East, said Kyle Rodda, senior financial market analyst. The upcoming nonfarm payroll data will be critical for rate expectations, with a strong report potentially increasing the chances of rate hikes from the Fed.