Gold Prices Fall As Strong US Jobs Data Boosts Rate Hike Expectations
New York: Gold prices fell on Friday and were heading for a weekly loss after stronger-than-expected US jobs data increased expectations that the Federal Reserve could raise interest rates at its 15-16 September meeting.
Spot gold fell 1.2% to $4,419.09 an ounce, after dropping more than 2% earlier in the session to $4,364.99. US gold futures for December delivery fell about 1.4% to settle at $4,476.60 an ounce.
Other precious metals also declined, with silver down 1.7%, platinum 0.8% and palladium 2.5%.
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