Gold slips before US payrolls data, set for second weekly loss
GLD•Spot gold fell 0.4% to $4,161.58 an ounce and was down about 3% for the week as investors awaited US payrolls data. A firmer dollar and elevated Treasury yields pressured prices.
1. Prices ease ahead of data
Spot gold fell 0.4% to $4,161.58 per ounce by 0031 GMT on Friday and was down about 3% for the week, putting it on track for a second straight weekly decline. US December gold futures lost 0.3% to $4,191.10. The dollar was headed for a weekly gain, while 10- and 30-year Treasury yields reached their highest levels since 2002 on Thursday.
2. Rate outlook in focus
Investors awaited the September US nonfarm payrolls report, 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 an increase in December. Higher borrowing costs typically diminish gold’s appeal because it pays no interest.
