Gold Prices Fall 0.8% Amid Stronger Dollar and Higher Yields

Gold prices have declined for the week, falling 0.8% to $4,145.68 per ounce by Friday morning in New York, as a stronger US dollar and higher US Treasury yields weighed on the metal.

The drop comes after data showed slower-than-expected job growth in September, with non-farm payrolls increasing by just 29,000 last month, down from 133,000 in August.

Despite earlier gains, gold prices reversed course and fell, as investors took the latest employment report as a sign that the US Federal Reserve may keep interest rates on hold this month.

Gold has fallen over 20% since the start of the year, pressured by expectations that conflict-driven inflation could keep interest rates higher for longer.