Doha: Gold prices fell on Friday and were heading for a weekly loss after stronger-than-expected US jobs data increased expectations that the Federal Reserve could raise interest rates at its 15-16 September meeting. Spot gold fell 1.2% to $4,419.09 an ounce, after dropping more than 2% earlier in the session to $4,364.99. US gold futures for December delivery fell about 1.4% to settle at $4,476.60 an ounce.
According to Qatar News Agency, other precious metals also declined, with silver down 1.7%, platinum 0.8%, and palladium 2.5%. The stronger US jobs data has led investors to anticipate a potential rate hike by the Federal Reserve, which has contributed to the decline in gold and other precious metal prices. The market's reaction reflects concerns that higher interest rates could strengthen the US dollar, making gold less attractive as an investment.