Interest rate pressure on gold intensifies
Gold prices fell under pressure from a stronger dollar and rising US Treasury yields.
Spot gold declined 0.6% to $4,154.78 an ounce, pushing its weekly loss above 3%. The precious metal is now heading for a second consecutive weekly decline. US gold futures also fell 0.4% to $4,184.
Markets are now focused on the US nonfarm payrolls report. Expectations for a Fed rate hike in October have fallen to 25% from around 70% earlier in the week, while the probability of a December rate increase is priced at 79%. A strong employment report could revive expectations for higher interest rates and increase pressure on gold.
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