On Monday spot gold fell Over 3% and spot silver dropped more than 5% as rising oil prices revived inflation worries and reinforced market bets on further Fed rate hikes. Higher bond yields alongside the oil rally are weighing on gold; oil gains reflect renewed supply uncertainty.
Investors will focus this week on US job openings, the ADP employment report, the PCE inflation print and nonfarm payrolls. Tim Waterer, chief market analyst at KCM Trade, said stronger-than-expected inflation or employment data could push yields higher and further depress gold.
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