Doha: Gold prices fell in Asian trading on Friday, putting the precious metal on track for a weekly decline, after stronger-than-expected US employment data reduced the likelihood of an interest rate cut in December. Gold prices experienced a 0.2% dip to $4,062.79 an ounce, culminating in a weekly loss of 0.3%. Meanwhile, US gold futures for December delivery saw a slight increase of 0.2% to $4,068.10 an ounce.
According to Qatar News Agency, the decline in gold prices followed the release of data from the US Labor Department, which revealed a significant increase in non-farm payrolls by 119,000 jobs in September. This figure surpassed the expected 50,000 jobs, subsequently diminishing market expectations of a Federal Reserve rate cut in December. Traders now estimate a roughly 39% likelihood of a rate cut next month, a decrease from approximately 60% earlier in October.
In the wider precious metals market, spot silver experienced a 0.4% decline to $50.39 an ounce. On the other hand, platinum showed a gain of 0.4% to reach $1,517.95, and palladium increased by 0.3%, bringing its price to $1,381.22.