Gold Prices Decline Again!
Spot gold fell more than 3% over the week and was last trading at $4,154.78 per ounce.
Gold prices declined amid a stronger dollar and rising yields on U.S. government bonds. As a result, the precious metal is expected to post a weekly loss of more than 3%. Spot gold fell more than 3% over the week and was last trading at $4,154.78 per ounce. U.S. gold futures also declined 0.4% to $4,184.
The stronger dollar makes dollar-denominated gold more expensive for investors using other currencies. At the same time, rising yields on 10-year and 30-year U.S. government bonds have put pressure on gold. Investors are focused on the U.S. nonfarm payrolls data for September. The figures could influence expectations for the Federal Reserve’s interest-rate policy. Among other precious metals, silver and platinum also declined, while palladium edged higher. All three metals are expected to end the week with losses.