2 days ago
Gold Set for Second Weekly Loss Before US Payrolls Data
Gold prices stayed mostly steady on Friday.
However, gold was still on track to lose value for the second week in a row.
A stronger US dollar made gold more expensive for buyers using other currencies.
Higher Treasury yields also made gold less attractive because gold does not pay interest.
Investors were waiting for the US jobs report.
A strong report could make the Federal Reserve more likely to raise interest rates.
Traders currently saw only a 26% chance of a rate hike this month, but an 80% chance of one in December.
Silver, platinum and palladium also rose that day but were still expected to finish the week lower.
Spot gold was little changed at $4,188.28 per ounce but was down more than 2% for the week.
A stronger US dollar and elevated Treasury yields pressured gold prices.
The September US nonfarm payrolls report was due at 1230 GMT on October 2, 2026.
Markets saw a 26% chance of a rate hike this month and an 80% chance in December.
Silver, platinum and palladium rose on Friday but remained headed for weekly losses.
- Who
- Investors, the Federal Reserve, and US payrolls officials are central to the report; analyst Kyle Rodda provided market commentary.
- What
- Gold steadied but remained on course for a second consecutive weekly decline before US payrolls data.
- Where
- The report concerns US financial markets, with gold traded globally.
- When
- Friday, October 2, 2026; the September payrolls report was due at 1230 GMT.
- Why
- A firmer US dollar and higher Treasury yields pressured gold, while investors awaited jobs data for signals about Federal Reserve interest-rate policy.
Key facts
- Spot gold
- $4,188.28 per ounce at 0625 GMT, little changed on the day
- Weekly gold performance
- Down more than 2% and headed for a second weekly decline
- US gold futures
- Rose 0.4% to $4,218.60
- Rate-hike expectations
- About 26% for this month and 80% for December
- Treasury yields
- Ten- and 30-year yields reached their highest levels since 2002 on Thursday
- Other metals
- Silver rose 0.7%, platinum 0.6% and palladium 1.3% on Friday, but all remained set for weekly losses
- Geopolitical factor
- Iran was reported to be preparing a broader response if the United States resumed large-scale military attacks
Quotes
Kyle Rodda
Senior financial market analyst at Capital.com
“US nonfarm payroll data will be critical for rate expectations. If it comes in hot, it may increase the chances of rate hikes from the Fed. That would potentially weigh even further on gold prices.”
thehindubusinessline.com
“Market participants are watching US interest rate expectations and geopolitical developments in the Middle East.”
thehindubusinessline.com
Sources
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