Gold prices are heading for the biggest weekly decline since November

Gold prices are heading for the biggest weekly decline since November
Gold prices are heading for the biggest weekly decline since November

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Gold settled on Friday, ahead of US jobs data due today, but the yellow metal is heading for its largest weekly decline since late November, under pressure from rising bond yields, as traders prepare for the US Federal Reserve to raise interest rates sooner.

And gold rose in immediate trading 0.1 percent to $ 1790.90 an ounce (an ounce) by 0341 GMT, after falling for two sessions, reducing its weekly decline to about two percent. US gold futures rose 0.2 percent to $1,792.60.

“It is clear that the prospect of the (Fed) trying to control rising inflation is raising yields,” said Kyle Rhoda, analyst at IG Markets, adding that the precious metal was losing some appetite on that basis.

Yields on benchmark 10-year US Treasury bonds rose to the highest level since March 2021, raising the opportunity cost of holding gold.

Gold is considered a hedge against inflation, but it is vulnerable to rising US interest rates, which increase the opportunity cost of holding the non-yielding yellow metal.

Among other precious metals, silver did not witness little change in spot transactions, to settle at $22.14 an ounce. Platinum rose 0.2 percent to $966.50 an ounce, while palladium fell 0.6 percent to $1,872.02 an ounce.

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