Gold falls after data has strengthened bets on a large rate hike in the US from Reuters

(Reuters) – It fell Friday after a better-than-expected US employment report reinforced expectations that the Federal Reserve will dramatically hike interest rates.

Prices fell 0.6% to $ 1,700.03 an ounce by 1802 GMT. Prices have risen around 2.4 percent so far this week.

US gold futures fell 0.7% to $ 1,709.30 per ounce.

“The market is looking at the better-than-expected employment report as a further incentive for the Federal Reserve to raise (interest rates) an additional 75 basis points at its early November meeting,” said Tai Wong, chief dealer at New York. Precious Metals Heraios.

“If gold does not consolidate at the $ 1690 level, it could drop to the $ 1660 level. The market will now focus on the main inflation data to be released next week in addition to the minutes of the Federal Reserve meeting.”

The data showed that US employers hired more workers than expected in September and the unemployment rate dropped to 3.5%.

After this data, it has risen relative to its competitors and yields have increased. A rising dollar makes gold more expensive for holders of other currencies.

As for other precious metals, in spot trades it fell 2.3% to $ 20.21 an ounce, but is on track to achieve the largest weekly gain since late July, as it has so far risen by almost. 6.2%.

Platinum fell 0.7% to $ 915.44 an ounce, but is still on track to record its best weekly performance since June 2021.

It fell 3.1% to $ 2,191.17 per ounce.

(Prepared by Mostafa Saleh and Noha Zakaria for the Arabic Bulletin)