Gold drops before US jobs report

Gold prices today declined by 0.6% to approximately $4,154 per ounce, amid pressure from a rising dollar and US Treasury yields, especially as traders await the upcoming US non-farm payrolls report. The yields on 10-year and 30-year Treasury bonds have risen to their highest levels since 2002, along with the strengthening dollar, which reduces the attractiveness of gold, a non-yielding asset, and puts downward pressure on its price. The payroll report is expected to serve as a key indicator for the Federal Reserve's future decisions on interest rate hikes, potentially leading to further declines in gold if the data comes in strong. Additionally, geopolitical tensions in the Middle East continue, but their impact on gold prices remains limited for now.

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