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Gold falls second week on dollar and yields
Gold prices have declined for the second consecutive week due to the rising US dollar and Treasury bond yields, with the price dropping by 0.4% to $4,161.58 per ounce. The prospects of a rate hike this month have decreased to around 25%, as markets await the US employment data and non-farm payroll figures to determine the future monetary policy direction. Additionally, yields on ten-year and thirty-year bonds have reached their highest levels since 2002, reducing gold’s appeal due to rising interest rates. Markets now hinge on September employment data to clarify expectations for future rate hikes.
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