Gold Stabilizes Ahead of Crucial US Payrolls Report
Gold prices remained steady on Friday but were poised to decline for a second straight week due to a stronger US dollar and rising Treasury yields. The precious metal was trading at $4,188.28 per ounce by 0625 GMT, down more than 2% for the week so far.
The US dollar's gain made gold more expensive for holders of other currencies, while yields on 10- and 30-year Treasuries hit their highest levels since 2002 on Thursday. This has put pressure on gold prices, as higher borrowing costs reduce its attractiveness.
Market participants are watching the US interest rate expectations and geopolitical developments in the Middle East, according to Kyle Rodda, senior financial market analyst at Capital.com. He noted that the upcoming US nonfarm payroll data will be critical for rate expectations, which could impact gold prices.