Gold prices slipped on Friday and were headed for a second consecutive weekly decline as a firmer US dollar and elevated Treasury yields kept pressure on bullion, with traders awaiting key US employment data for fresh clues on the Federal Reserve’s interest-rate path.
Spot gold fell 0.6% to $4,154.78 per ounce and was down more than 3% for the week so far. US gold futures declined 0.4% to $4,184 per ounce.
On COMEX, gold was quoted at $4,186.30, down 0.38%, after moving in a range of $4,162.90-$4,213.30.
The pullback in bullion comes as higher US yields and a stronger dollar reduce the appeal of the non-yielding asset. Traders are now looking to the US nonfarm payrolls report and unemployment data for signals on the strength of the US economy and the Federal Reserve’s policy outlook.
MCX to remain closed today for Gandhi Jayanti
Indian commodity traders will remain on the sidelines on Friday as the Multi Commodity Exchange of India (MCX) is closed for Gandhi Jayanti, which marks the birth anniversary of Mahatma Gandhi.
Trading in gold, silver and other commodities on the exchange will remain suspended today and resume on Monday, October 5.
The holiday break comes at a potentially important juncture for bullion markets. With domestic trading shut, any significant moves in international gold, the US dollar, Treasury yields or geopolitical developments over the weekend could be reflected in MCX prices when trading resumes on Monday.
Indian equity markets are also closed today for Gandhi Jayanti.
