What could change the trend?
Federal Reserve meeting minutes (Wednesday): reveal how divided policymakers are over interest rates. If they show a preference for waiting, gold may get some relief.
10-year Treasury auction (Wednesday): a gauge of demand for long-term debt.
30-year Treasury auction (Thursday): a weak auction could push long-term yields higher, which would be negative for gold.
This week, gold moves more with yields and the dollar than with jobs. Stable yields or a cautious tone in the Federal Reserve minutes could give it some breathing room, while a weak auction for long-dated bonds would add pressure. Over the longer term, HSBC sees support if the price approaches $4,000—a level gold is nearing today.
This article is for general information and is not investment advice