Forex
Falling Gold Prices Ahead of Crucial US Payrolls Data
Gold prices dropped on Friday and were poised for their second consecutive weekly decline. The price of spot gold fell by 0.6% to $4,154.78 per ounce at 0205 GMT, while US gold futures lost 0.4% to $4,184.00.
The decline in gold prices was attributed to a firmer US dollar and higher Treasury yields. The greenback is on track for its third weekly gain, making gold more expensive for holders of other currencies.
Market participants are closely watching the US nonfarm payroll data due at 1230 GMT. According to Kyle Rodda, senior financial market analyst at Capital.com, a strong payrolls report could increase the likelihood of rate hikes by the Federal Reserve, which would weigh further on gold prices.