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Gold Prices Drop for Second Straight Week
Gold prices remained largely stable in global markets on Friday but have fallen more than 2% this week, pressured by a stronger US dollar and higher yields on US government bonds.
The decline puts gold on track for a second consecutive weekly drop as investors await a key US employment report for clues about the Federal Reserve's likely path on interest rates.
As of 0419 GMT on Friday, spot gold was little changed at $4,184.45 per ounce. The precious metal has fallen more than 2% so far this week. Meanwhile, US gold futures rose 0.3% to $4,214.70 per ounce.
The US dollar is on track to post a weekly gain, making dollar-denominated gold more expensive for buyers using other currencies. At the same time, yields on 10-year and 30-year US Treasury bonds rose on Thursday to their highest levels since 2002.
Market participants are closely watching expectations for US interest rates as well as geopolitical developments in the Middle East, according to a senior financial market analyst.
The US employment data is expected to provide further clues about the outlook for interest rates. Stronger-than-expected figures could affect expectations about the Federal Reserve's rate decisions and potentially put further pressure on gold prices.