Gold suffers first weekly loss in a month

Gold failed to maintain its weekly gain, which lasted for three consecutive weeks, as the yellow metal suffered its first weekly loss in a month.

Gold suffered its first weekly loss of about 0.68%, ending a 3-week winning streak, as tensions rose in the Middle East region.

Prices received support last week, with the dollar and U.S. Treasury yields falling after a disappointing U.S. jobs report, boosting speculation that the Federal Reserve was nearing the end of the rate hike series.

The price of gold rose in instant transactions by the end of last Friday’s session by 0.35% to $1992.65 per ounce in moves in a narrow range. It had touched a meeting high of $2003.69 per ounce after the posts report, which showed U.S. job growth slowing more than expected in October.

The data showed that companies added 150,000 jobs in October, below economists’ expectations of 180,000 jobs.

The data may reinforce the view that the US Federal Reserve does not need further rate hikes.