Gold slips before US payrolls data, set for second weekly loss
GLD•Spot gold fell 0.6% to $4,154.78 an ounce and was down more than 3% for the week, as a firmer dollar and elevated Treasury yields pressured prices ahead of US payrolls data.
1. Gold prices fall
Spot gold fell 0.6% to $4,154.78 per ounce by 0205 GMT and was on track for a second straight weekly decline. US gold futures lost 0.4% to $4,184.00.
2. Payrolls in focus
Investors awaited US nonfarm payrolls data due at 1230 GMT for clues on the Federal Reserve’s policy path. Traders priced in about a 25% chance of a rate hike this month, down from about 70% earlier in the week, and a 79% chance of a December increase.
3. Other metals weaken
The US dollar was headed for a weekly gain, while 10- and 30-year Treasury yields reached their highest levels since 2002 on Thursday. Silver fell 0.5% to $60.53 and platinum slipped 0.4% to $1,716.93; palladium rose 0.1% to $1,172.80. All three were poised for weekly losses.
