By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia but is on track for a third consecutive weekly loss. The and Treasury yields both rallied over the U.S. Federal Reserve’s hawkish stance, and investors are now awaiting the latest U.S. jobs report.

The price of $1,875.84 rose 0.01% by 1:08 AM ET (5.18 AM GMT). Meanwhile, the yellow metal fell around 1% during the week.

Although the US dollar moved in an opposite way to gold on Friday, it fell slightly. The yields on the Benchmark U.S. Treasury bonds resumed their climb, having reached their highest levels since November 2018.

Investors await today’s U.S. employment report.

“I would not be surprised to see another above-consensus wage print, and this may not be good for bullion as the market would read those tea leaves as a sign of improving the odds for a 75 bp point hike at the July Fed meeting,” SPI Asset Management managing partner Stephen Innes told Reuters.

On Wednesday, the raised its interest rates to 1%. Then on Thursday, they followed up by increasing its rate to 1 %.

Asian shares dropped in equities as investors worry about the impact of rising interest rates on global economic growth.

With the market back into selling everything mode, it seems like “don’t fight the Fed is back in play,” said Innes.

Other precious metals fell 0.5%, to $22.38 an ounce. This was the third consecutive week of decline. Sliding 2.7%, fell 0.6%