Gold Slips Over 1 % as Dollar Strength Grows Ahead of U.S. Jobs Report

Spot gold prices fell about 1.5% to US$3,940.75 per ounce amid a rising U.S. dollar, which hit a three-month high. The stronger dollar makes dollar-priced commodities more expensive for holders of other currencies, dampening demand. The drop comes ahead of key U.S. employment data (ADP and non-farm) that could shape the next move from the Federal Reserve. With prospects of a rate cut in December now down to ~71% (from ~90% a week ago), investors are reassessing precious-metals exposure.