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Bond yields limit gold gains before US jobs data
Gold prices declined today, Thursday, amid rising US Treasury yields, which increased the opportunity cost of holding the precious metal, despite weak inflation supporting its prices. Spot gold rose modestly by 0.2% to $4,165.29 an ounce, while December futures closed higher by 0.4% at $4,202.30. Analysts expect the gold trend to continue downward in the short term, with a potential test of the $4,000 support level if upcoming US employment data come in faster than expected. HSBC has cut its gold price forecasts for 2026 and 2027 to $4,490 and $4,825, respectively, anticipating that central banks will resume purchasing the metal at prices below $4,000.
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