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Bond yields limit gold ahead of US jobs data
Gold prices declined during Thursday's trading session despite slight gains in spot transactions and U.S. futures contracts. This decline was caused by a rise in U.S. 10-year Treasury bond yields to their highest levels in over two decades, increasing the opportunity cost of holding gold. Additionally, market volatility in interest rates and rising oil prices resulting from China's suspension of exports have heightened inflation concerns. Investors are also waiting for the upcoming U.S. non-farm payroll report due tomorrow. The short-term trend for gold is expected to remain bearish, and if the employment data comes in faster than expected, the metal may test the key support level at $4,000.
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