Gold falls 1.2% as US Treasury yields rise ahead of jobs data
Gold prices dropped 1.2% as US Treasury yields climbed, with investors awaiting key US jobs data for signals on Federal Reserve policy.
Key Takeaways
AIBenchmark 10-year US Treasury yields extended their gains on Thursday, increasing the opportunity cost of holding non-yielding gold as markets awaited key US labor market data for new signals on the Federal Reserve's monetary policy outlook.
Spot gold fell 1.2% to $4,393.89 per ounce, after hitting its lowest level since August 19 in the previous session.
US gold futures also declined, dropping 0.9% to $4,443.10 per ounce, as investors looked to upcoming US jobs data for further clues on the central bank's policy direction.
Other precious metals also weakened, with spot silver down 1.2% to $65.72 per ounce, platinum slipping 0.1% to $1,788.35, and palladium falling 1.5% to $1,334.52 per ounce.