Mubasher: Gold prices fell below $ 1,700 when settling trading on Friday, with US bond yields rising, to record weekly losses.
Higher bond yields increase the opportunity cost of owning the non-yielding metal.
Also, the US dollar, which rose to its highest in 3 months, is making gold more expensive for holders of other currencies.
And in economic data, he added The US economy is 379,000 jobsDuring the past month, more than analysts’ expectations, the unemployment rate fell to 6.2 percent.
Upon settlement, the price of gold futures contracts for April delivery decreased by 0.1 percent, to reach $ 1698.50 an ounce, the lowest level for this most active contract since June of 2020.
The yellow metal recorded a weekly loss of 1.8 percent.
By 6:50 PM GMT, the spot price for the yellow metal rose 0.1 percent to $ 1699.43 an ounce.
During the same period, the main dollar index, which measures the currency’s performance against 6 major currencies, rose 0.3 percent to 91.95.