Gold continued to fall from Wednesday to Friday below the $2,430 level amid speculation that the Fed will cut interest rates at its September meeting which continues to rise.
At exactly 9.40 am, the price of gold was at $2,425.89 which is down by 0.75% at the beginning of trading in the Asian session on Friday.
The latest US employment data released by the US Bureau of Labor Statistics (BLS) shows that more people than expected are filing unemployment claims and this is an indication of an economic slowdown.
It also added to last week's string of data showing that inflation is aiming for the 2% goal and drawing the attention of economic policymakers.
In addition, the position of Fed officials is in line with Chairman Jerome Powell who thinks that the central bank is now getting closer to the implementation of cutting borrowing costs.
However, the International Monetary Fund (IMF) said on Thursday that the Fed should not cut interest rates until late 2024.
Earlier, the price of the yellow metal hit an all-time high of $2,483 but buyers failed to hold on to gains as investors booked profits.
It along with former US President Donald Trump's rhetoric of imposing at least 60% tariffs on Chinese products drove the flow to the US dollar.
The US Dollar Index, which tracks the currency's performance against six other currencies, was up 0.43% at 104.18.
US Treasury bond yields also rose across the yield curve with the 10-year Treasury note yielding 4.187%, up more than two and a half basis points.
