Gold remains firmly in red on Monday and hit 2 ½ month low on Monday, in extension of Friday's 3.2% drop (the biggest daily loss since March 19).
Gold Price Forecast: XAU/USD hits over two-month low under $4,300 as US yields rally
Gold has extended losses on Monday, falling to its lowest level in two months as stronger-than-expected U.S. economic data and renewed tensions in the Middle East push Treasury yields and the U.S. dollar higher.
Gold's near-5% collapse last week has extended into the new week, with selling pressure accelerating as investors continue to reprice the global interest rate outlook. The precious metal is now approaching a critical test, with a retest of the March low near $4,100 increasingly likely and the psychologically important $4,000 level beginning to come into view.
Strong NFP data crushed Fed rate-cut hopes, sending gold lower. This week's CPI and PPI reports could determine whether selling pressure accelerates.
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data
$4,300: Gold seems vulnerable near March low as geopolitics and Fed hike bets support USD
Gold rebounds to near $4,350 despite Middle East tensions