Gold falls, posts weekly gains

Gold and silver prices posted weekly gains for the first time in four weeks

Gold and silver prices fell on Friday after the US jobs report reinforced expectations that the Federal Reserve would keep interest rates at elevated levels for longer, pushing the dollar and Treasury yields higher.

The report showed that US nonfarm payrolls increased by more than expected in October, while the unemployment rate fell to 4.1%, pointing to continued resilience in the labor market and giving the Fed more room to focus on inflation stemming from the conflict in the Middle East.

According to the CME FedWatch Tool, traders' expectations of a Fed rate hike in December rose to 81%, compared with 72.8% before the jobs data were released.

Gold and silver prices posted weekly gains for the first time in four weeks, supported by reduced risks of a US escalation of the war with Iran following the Republican Party's loss of its majority in Congress, as well as intensified efforts by mediators to contain the conflict.

Gold and Silver Futures Prices