Global gold prices fall sharply

Gold prices fell sharply in the global market on Saturday (October 3), with spot gold down 0.9% to $4,140.06 per ounce as a stronger US dollar and higher Treasury yields weighed on the precious metal.

Gold prices have fallen around 3.4% so far this week, putting the metal on track for another weekly decline. US gold futures also fell 1% to $4,162.30 per ounce.

Han Tan, chief market analyst at Exinity Group, told that traders remained cautious as the US Federal Reserve continued to maintain a tight monetary policy. He said the outlook for gold in the coming months would largely depend on the Fed’s response to inflation and possible weakness in the labour market.

Silver also fell 0.8% to $60.36 an ounce, while platinum dropped 2% to $1,692.90 and palladium declined 0.5% to $1,165.75. All three metals were heading for weekly losses.