Gold Price Hinges on US Employment Data and Treasury Yield Shift

The gold price is entering a sensitive phase due to strong US dollar and high Treasury yields.

In my view, this current price action cannot be assessed through the safe-haven narrative alone but must consider the broader interaction between the US dollar, interest rates, inflation, and Federal Reserve policy expectations.

The next major move in gold prices will depend on movements in Treasury yields and the direction of the dollar. A meaningful decline in Treasury yields, accompanied by a weaker dollar, could quickly change the equation and give gold room to recover its recent losses.