Spot gold fell 0.6% to $4,052.58 per ounce as of 0436 GMT, bringing its weekly drop to 0.7%. U.S. gold futures for December delivery were down 0.2% at $4,050.30, News.Az reports, citing Reuters.
The U.S. dollar was poised for its strongest weekly performance in more than a month, making greenback-priced gold more expensive for buyers using other currencies.
The closely watched U.S. Labor Department report—delayed due to the federal government shutdown—showed September nonfarm payrolls rising by 119,000, more than double the forecast of 50,000. Following the data, traders now assign nearly a 39% probability of a rate cut next month. Gold, a non-yielding asset, typically benefits from lower interest rates.
Across major Asian markets, physical gold demand stayed subdued this week as rate volatility kept buyers hesitant.
Other precious metals also weakened: spot silver fell 1.8% to $49.69 per ounce, platinum slipped 0.5% to $1,502.80, and palladium dropped 1.4% to $1,358.06.
