Bloomberg reports:

Bullion traded near $3,640 an ounce, after gaining for four consecutive weeks. Traders see a quarter-point cut this week amid signs of labor market weakness, and some potential for reductions extending into next year.

That expectation has driven Treasury yields to the lowest in months, weakened the greenback and supported gold. Lower yields reduce the opportunity cost for holding the metal, while a weaker dollar makes it more affordable. Whether the central bank will challenge these bets is a key question for investors this week.

“Macroeconomic numbers are likely to take over from tariff-related headlines,” ANZ Group Holdings’ Daniel Hynes and Soni Kumari said in a note, meaning that investors are watching how US tariffs will impact the nation’s economic growth and inflation data.

Bullion has rallied nearly 40% this year, and recently broke out a spell of range-bound trading to surpass an inflation-adjusted record. Persistent uncertainty over geopolitics and Trump’s tariff agenda, and concerted central bank buying have provided support.