Gold rebounds slightly but could remain under pressure

Gold prices rebounded to a certain extent after a series of losses after the impact of rising yields in US treasuries. Investors turn their attention at the moment to the Federal Reserve’s president, Jerome Powell, speech on Friday.

Despite the rebound, gold prices could remain under pressure as they stay below key resistance levels and record lower lows.

Jerome Powell’s intervention could create some volatility as traders monitor any hints over the developments in monetary policy in particular after the release of the Federal Reserve’s minutes created some uncertainty.

Subsequent economic data on the US job market and on inflation could determine the next steps in monetary policy and could affect gold’s performance.