Gold prices rose on Friday on the back of a weak dollar, but higher yields on US Treasuries pushed the metal to head for its biggest weekly drop in more than a month as traders brace for an early interest rate hike.
At 10:28 GMT, spot gold rose 0.2% to $1,792.13 an ounce, trading in a tight $7 range, and on track for a weekly decline close to 2%, the highest level since the week of November 26. US gold futures rose 0.2% to $1,792.50.
The bullion dollar gave some time to breathe with a slight dip, but was still on track to close the week higher ahead of the release of some pending US employment data at 13:30 GMT.
“In the past few months, gold has been trading between $1,730 and $1,830, and that has been the range for more or less for the past six months.”, dijo Michael Hewson, de CMC Markets UK.
Gold has largely been held hostage by what US revenue has been doing, and it will likely continue to do so. If we have a decent jobs report today, that could put downward pressure on gold prices towards $1,770.added.
In other precious metals, silver prices were little changed, at $22.16 an ounce. Platinum rose 0.5% to $969.01. Palladium rose 1.7% to $1,905.84.