Gold declines by more than 1%… and global reluctance to buy

Retracted Gold prices rose by more than 1% on Friday, and are heading towards recording a weekly decline, after a strong US jobs report reduced expectations for the Federal Reserve to cut interest rates next month, putting pressure on the non-yielding metal.

And Spotgold rose 0.9% to $4,039.79 per ounce by 12:13 GMT, and the metal fell 0.9% this week, according to Reuters.

US gold futures for December delivery fell 0.6% to $4,037.10 per ounce.

Meanwhile, demand for physical gold in major Asian markets remained weak. This week, fluctuations in interest rates made potential buyers reluctant to buy.

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