On Friday, gold prices fell nearly 3% after a stronger-than-expected U.S. jobs report solidified expectations for the Federal Reserve to maintain higher interest rates due to inflation concerns exacerbated by the ongoing conflict in the Middle East. Spot gold was priced at $4,341.52 per ounce, down 2.96%, and U.S. gold futures for August delivery settled at $4,365.3, reflecting a 3.1% decrease. The U.S. Labor Department reported an increase of 172,000 jobs in May, significantly exceeding the forecast of 85,000, which led to a rise in U.S. Treasury yields. This uptick in yields raised the opportunity cost of holding non-yielding gold. The ongoing war in Iran has contributed to a 17% decline in gold prices since February, as it has driven oil prices higher and intensified inflationary pressures. Market expectations now suggest a 72% chance of a Fed rate hike in December, compared to 50% before the jobs report, further impacting gold's appeal as an investment. Other precious metals also faced declines, with silver down 6.8%, platinum falling 5.9%, and palladium decreasing by 5.9% this week.