Gold Down on Strong Dollar, Yields

Gold prices fell on Friday heading for third weekly loss in a row, as the U.S. dollar and U.S treasury yields rose after the Federal Reserve hiked interest rates recently.

The US monthly job report is due later today with markets wait for more signs on the U.S. economy.

It is worth noting that the fed has raised the interest rate by 50 pbs to 0.75%-1.00% range.

It is still expected more fed hikes this year in order to curb higher inflation in the US.

According to Reuters, spot gold declined 0.2% to trade ate $1873.75 per ounce by 0.742 GMT, while the US gold futures steadied at $1875.60 per ounce.