Gold prices slip as strong US jobs data sparks rate hike worries
Gold prices dipped this week after a surprisingly strong US jobs report made investors think the Federal Reserve will refrain from cutting rates soon.
Spot gold was down 0.2% to $4,062.79 per ounce, and overall, gold is set for a small weekly loss.
At the same time, the US dollar had its best week in over a month, which made gold more expensive for anyone buying with other currencies.
Fed signals and other metals move too
The Fed's latest meeting minutes showed officials are still worried about inflation, with Chicago Fed President Austan Goolsbee expressing unease about frontloading interest-rate cuts.
The world's biggest gold-backed fund, SPDR Gold Trust, saw its holdings dip by 0.41%.
Meanwhile, silver slipped 0.4%, but platinum and palladium managed small gains—just goes to show how quickly things can shift in the metals market!