Gold prices fell on Monday, with spot contracts dropping by 0.50% to $2,624.25 per ounce, while futures contracts declined by 0.99% to $2,636.12 per ounce.
The drop occurred despite the US Dollar Index falling 0.64% to 107.92 points, as markets anticipate key economic reports, including the Federal Reserve’s meeting minutes and job data.
Additionally, the rise in 10-year US Treasury bond yields to 4.62%, driven by concerns over potential new tariffs, prompted investors to favor bonds over gold.
As a result, Goldman Sachs postponed its forecast for gold to reach $3,000 per ounce to 2026, citing expectations of smaller interest rate cuts by the Federal Reserve.
