Market analysis: The U.S. dollar and U.S. Treasury yields were the main drivers of gold prices this week

Analyst Fawad Razaqzada said gold's move this week will largely depend on US Treasury yields and the dollar exchange rate. "If bond prices fall further, or yields rise, it could put pressure on low- and zero-yielding assets like gold," he said. Meanwhile, "if the dollar bounces this week (this week's data releases and Fed officials speak intensively), then gold could lose some of its appeal." The dollar came under pressure last week as the Federal Reserve opened the door to further interest rate cuts next year. For now, the market focus is on Tuesday's November non-farm payrolls report and Thursday's consumer price data.