Gold gains but faces weekly decline
Gold prices mixed during today's trading on Friday, with a slight increase of 0.09%, reaching $4,180.82 per ounce in spot transactions. U.S. futures contracts for December delivery also rose by 0.28%, to $4,214.26. However, prices are still heading toward a second weekly decline as investors await U.S. employment data that could influence the interest rate hike trajectory. The rise in U.S. Treasury bond yields to 5.244% and the dollar index's decline of 0.21% are among the factors impacting the gold market, as higher yields enhance the appeal of income-generating assets and increase the cost of buying gold for holders of other currencies. The upcoming release of the U.S. non-farm payrolls report for September is anticipated to possibly strengthen the case for a rate hike if the data shows a robust labor market, which would put downward pressure on gold prices and maintain market uncertainty.
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