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Gold Faces Second Weekly Drop as US Jobs Data Influences Fed Rate Hike Path
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CNBC TV18•02-10-2026, 10:30
Gold Faces Second Weekly Drop as US Jobs Data Influences Fed Rate Hike Path
- •Gold is on track for its second consecutive weekly decline, pressured by a stronger US dollar and elevated Treasury yields.
- •Investors are closely watching key US payrolls data for indications on the Federal Reserve's future policy decisions.
- •The US dollar is heading for a weekly gain, making gold more expensive for holders of other currencies.
- •US nonfarm payroll data is critical for rate expectations; a strong report could increase the likelihood of Fed rate hikes, further impacting gold prices.
- •Higher borrowing costs typically reduce gold's appeal as it does not offer interest.
Key Questions Answered
Gold is on track for a second straight weekly decline due to a firmer US dollar, elevated Treasury yields, and caution among investors awaiting key US payrolls data that could influence the Federal Reserve's interest rate path.
Traders are pricing in roughly a 28% chance of a rate hike this month, while still seeing an 82% probability of a rate increase occurring in December.
Spot silver climbed 0.5% to $61.18, platinum gained 0.6% to $1,734.44, and palladium rose 0.9% to $1,181.93, though all three metals remained poised for weekly losses.
