Gold steadies ahead of US payrolls data, heads for weekly decline
GLD•Gold was largely steady but down more than 2% for the week as the stronger US dollar and elevated Treasury yields weighed on bullion ahead of payrolls data. Spot gold held at $4,182.44 per ounce, while US gold futures rose 0.2% to $4,212.40.
1. Gold prices steady
Spot gold was at $4,182.44 per ounce by 1128 GMT on Friday, down more than 2% for the week. US gold futures edged 0.2% higher to $4,212.40. Silver, platinum and palladium rose during the session but were also poised for weekly losses.
2. Payrolls and rates
The September US payrolls report was due at 1230 GMT. Economists expected nonfarm payrolls to have increased by 90,000 last month, after a 162,000 gain in August. Traders were pricing in about a 26% chance of a rate hike this month, down from roughly 70% earlier in the week, after August inflation came in below expectations.
3. Dollar and yields
The US dollar was headed for a weekly gain, and 10- and 30-year Treasury yields reached their highest levels since 2002 on Thursday. Analysts cited the rising opportunity cost of holding non-yielding gold as yields climbed, alongside concerns about elevated yields and heavy government debt burdens.
