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Gold prices were largely steady in the global market on Friday but fell more than 2% this week, pressured by a stronger US dollar and higher Treasury yields.
The precious metal is on track for a second consecutive weekly decline as investors await key US employment data for clues about the Federal Reserve’s next interest-rate decision.
Spot gold was little changed at $4,184.45 an ounce as of 0419 GMT on Friday. It has fallen more than 2% so far this week. US gold futures rose 0.3% to $4,214.70 an ounce.
The US dollar is on course for a weekly gain, making dollar-priced gold more expensive for buyers using other currencies.
Meanwhile, yields on 10-year and 30-year US Treasury bonds rose on Thursday to their highest levels since 2002, adding further pressure on gold.
Kyle Rodda, senior financial market analyst at Capital.com, said market participants were watching expectations for US interest rates as well as geopolitical developments in the Middle East.
US employment data outside the private sector will be closely watched for clues about the interest-rate outlook. Strong employment figures could strengthen expectations of higher interest rates, potentially putting further pressure on gold prices.
