Gold falls more than 3% this week before US payrolls data

  • Gold prices fell as investors awaited the US payrolls report.
  • $4,154.78 was gold's spot price after a 0.6% daily decline.
  • The September nonfarm payrolls report was due at 1230 GMT on Oct. 2.

Spot gold fell 0.6% to $4,154.78 an ounce on Friday and was down more than 3% for the week, heading toward a second straight weekly decline. A stronger US dollar and elevated Treasury yields pressured the metal, while investors awaited the September US nonfarm payrolls report due at 1230 GMT on Oct. 2 for signals on the Federal Reserve's policy path. Traders priced in about a 25% chance of a rate hike this month, down from about 70% earlier in the week, but still saw a 79% chance of an increase in December. Higher borrowing costs typically reduce gold's appeal because it pays no interest. Silver, platinum and palladium were also set for weekly losses, while geopolitical tensions involving Iran added to the market backdrop.

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