The price of gold fell more than 1%, on Wednesday, with the dollar regaining momentum, making bullion less attractive to holders of other currencies, as markets looked to US jobs data to predict the path of interest rate hikes by the Federal Reserve.
And gold fell in spot transactions 0.8 percent to $ 1712.93 an ounce by 1752 GMT, following touching a three-week peak of $ 1729.39 on Tuesday.
US gold futures fell 0.6 percent to settle at $1,720.80.
The dollar index jumped 1 percent once morest its rivals, following losing 1.3 percent during the night hours, recording its largest decline since March 2020. The 10-year US Treasury bond yields also rose.
Data showed that US employers in the private sector ramped up hiring in September, indicating that demand for workers remains strong despite rising interest rates and tightening financial conditions.
The focus now turns to the non-farm payrolls data that the markets are watching, to be released by the US Labor Department on Friday.
Although gold is seen as a hedge once morest inflation, higher interest rates reduce the attractiveness of non-yielding bullion.
As for other precious metals, the price of silver in spot transactions fell 2.7 percent to $ 20.54 an ounce. Platinum also fell 1.5 percent to $915.97, and palladium fell 2.8 percent to $2250.67. (Archyde.com)
