Higher U.S. yields weigh on gold for a second week

Gold ended last week at $4,142 an ounce, down for a second consecutive week as rising U.S. Treasury yields limited gains. The metal briefly approached $4,200 but did not hold above that level.

The decline came despite September U.S. Job growth of 29,000, below expectations of about 90,000, and an increase in unemployment to 4.2% from 4.1%. Higher yields can make gold, which pays no interest, less attractive to investors.

A Kuwait-based Company cited $4,200 as a resistance level and identified support around $4,100 and $4,000. It said investors were watching U.S. Economic data, energy prices and geopolitical developments for clues about interest rates and gold’s direction.

Read the full story at kuwaittimes.com.