Gold Slides to $4,133.70 as Rising Treasury Yields Overshadow Weak US Payrolls

Gold prices fell on Friday, with front-month Comex gold dropping 0.9% to settle at $4,133.70 per ounce and ending the week down 3.6%. Earlier in the session, gold initially surged to an intraday peak of $4,227 following news that U.S. nonfarm payrolls added only 29,000 jobs in September against forecasts of 89,000 to 90,000, while the unemployment rate rose to 4.2%. However, bullion failed to maintain levels above $4,200 as benchmark 10-year Treasury yields climbed, dampening demand for non-yielding assets despite markets pricing a 77% probability of a Federal Reserve rate pause in October.