Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023.
Gold prices slipped on Monday due to a slight uptick in U.S. bond yields, ahead of a speech by Federal Reserve Chair Jerome Powell later this week for more clarity on the interest rate outlook.
Spot gold was down 0.4% at $1,983.49 per ounce by 0444 GMT after rising above the key $2,000 level on Friday.
"The major factor that will influence gold in the near-term will be the U.S. 10-year Treasury yields ... if you start to see resurgence in yields, gold could break below the key support level around $1,974," said Kelvin Wong, senior market analyst for Asia Pacific at OANDA.
Benchmark 10-year Treasury yields rose to 4.5910% after hitting a five-week low on Friday, decreasing appeal for non-yielding bullion.
Persons:
Jerome Powell, Kelvin Wong
Organizations:
Korea Gold Exchange, Federal, Asia Pacific, Traders, Trust, ANZ
Locations:
Seoul, South Korea, U.S