Gold Set for Weekly Drop
Gold prices slipped to around $4,150 an ounce on Friday and were headed for a second consecutive weekly decline, pressured by higher oil prices amid concerns over a potential escalation in the US-Iran conflict. The metal also faced headwinds from a stronger dollar and elevated Treasury yields as investors assessed the latest Federal Reserve commentary and awaited a key US jobs report. Oil prices rose as the US considered deploying an additional aircraft carrier and 10,000 troops to the Middle East, raising the risk of further disruptions to regional energy supplies and renewed inflation pressures. Meanwhile, investors looked ahead to the September US jobs report, which could influence expectations for the Fed’s policy path. On Thursday, Fed Vice Chair Philip Jefferson said policymakers may need more time to determine whether further rate hikes are warranted. Markets are currently pricing in roughly a 75% probability that the Fed will leave interest rates unchanged this month.
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Gold prices slipped to around $4,150 an ounce on Friday and were headed for a second consecutive weekly decline, pressured by higher oil prices amid concerns over a potential escalation in the US-Iran conflict. The metal also faced headwinds from a stronger dollar and elevated Treasury yields as investors assessed the latest Federal Reserve commentary and awaited a key US jobs report. Oil prices rose as the US considered deploying an additional aircraft carrier and 10,000 troops to the Middle East, raising the risk of further disruptions to regional energy supplies and renewed inflation pressures.
Meanwhile, investors looked ahead to the September US jobs report, which could influence expectations for the Fed’s policy path. On Thursday, Fed Vice Chair Philip Jefferson said policymakers may need more time to determine whether further rate hikes are warranted. Markets are currently pricing in roughly a 75% probability that the Fed will leave interest rates unchanged this month.