Gold prices fell sharply on Friday, as upbeat U.S. data boosted optimism over the strength of the economy and supported the case for higher interest rates.
For the past week, gold prices declined $6.30, or 0.86%, the second straight weekly drop. However, prices of the yellow metal are still up nearly 15% so far this year amid indications global economic and financial headwinds could make it tough for the Fed to raise interest rates as much as it would like this year.
In the week ahead, investors will be focusing on data on China's manufacturing sector due on Tuesday, amid ongoing concerns over the health of the world's second biggest economy. Market players will also be looking out for Friday’s U.S. nonfarm payrolls report for February to gauge if the world's largest economy is strong enough to withstand further rate hike
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