Gold declines 3% on high U.S. rates
Gold prices dropped by approximately 3% following the US jobs report confirming that the Federal Reserve will continue to hike interest rates for a longer period. This led to the price of an ounce falling to around $4,341.52, marking a weekly decline of 4.3%. The data showed that the US economy added 172,000 jobs in May, surpassing expectations, which increased the likelihood of a rate hike to 72% by December. Meanwhile, Treasury yields rose, impacting gold's attractiveness.
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