Gold stuck below $4,200 as traders turn focus to US jobs report
Gold has returned to the red zone in Asia after failing to reclaim $4,200, trading near $4,172 as markets await US jobs data that could determine the next directional move.
Gold Market
Deeper looks at the forces setting the gold price.
Gold has returned to the red zone in Asia after failing to reclaim $4,200, trading near $4,172 as markets await US jobs data that could determine the next directional move.
Gold briefly spiked above $4,200 on soft PCE data but quickly reversed, leaving the metal near its year-low. We examine the short-term headwinds and why the longer-term picture still favours higher prices.
Gold and silver prices have diverged, with silver losing more ground. The gold/silver ratio sits at 68.4, and upcoming US data could determine whether the trend continues or reverses.
Gold fell more than 3% on Monday after the US rejected an Iranian proposal to ease regional tensions, pushing oil prices higher and reigniting inflation fears that strengthened expectations for a more hawkish Federal Reserve.
Gold fell roughly 2% on Monday as it challenged the $4,200 support level. The decline was driven by geopolitical tensions and rising expectations of a Federal Reserve rate hike, which supported the US dollar.
Gold recorded its fourth down week in five, settling at 4321 amid ongoing war and rising interest rates. The metal sits just above a key parabolic trend flip level at 4190.
Gold has fallen almost a quarter from its January high as US Treasury real yields rise. The metal is competing with bonds that now pay more above inflation, and the trend may continue until the Fed stops raising its rate forecasts.
China imported more than 1,100 tonnes of gold in the first eight months of 2026, the highest level since at least 2017. Strong investment demand and a robust yuan drove the surge.
Sego Resources has completed a 3D IP survey at its Miner Mountain project in British Columbia, identifying deep chargeability anomalies beneath the Cuba and South Gold zones ahead of a planned fall-winter drilling programme.