Gold prices posted significant losses of more than 3% during Monday, hitting their lowest level since August 5 at $4,140 per ounce, and are currently trading below the critical level $4,200.

The yellow metal is currently trading near the $4,165 support level; if it manages to stabilize below this level, it is likely to incur further losses, with the next support level at $4,080.

If gold manages to reclaim $4,225 then surpass the weekly pivot point of $4,304, it will test resistance levels near $4,364 then $4,443.

In terms of geopolitical tension, US President Donald Trump said Sunday that he expects talks with Iran to resume in the coming week, despite his rejection of a truce proposal put forward by Tehran.

Iranian officials brought with them to the UN General Assembly in New York a plan for a seven-day truce followed by the reopening of the Strait of Hormuz shipping channel.

Trump dismissed the plan and has mused on resuming full-scale air strikes on Iranian targets, but he told the news platform Axios that he expects negotiations to resume.

Besides that, Yemen’s Saudi-led coalition said early on ​Saturday it had intercepted two ballistic missiles and two drones ‌launched by the Iran-backed Houthis towards the kingdom.

The coalition said in posts on X that the missiles were headed towards Khamis Mushait and the drones towards the ​capital, Riyadh, adding that it was monitoring the missile threat ​and drones launched at the kingdom, without providing further details.

On the economic data front, Headlining the economic calendar this week will be the September U.S. jobs report, a figure which could sway the trajectory of Federal Reserve interest rate policy.

The U.S. economy is expected to have added 98,000 jobs last month, following 162,000 jobs in August. The unemployment rate is also seen at 4.1%, matching the prior month.

Beyond the jobs data, figures gauging manufacturing activity from the Institute for Supply Management will be in focus.

ISM’s purchasing managers’ index, a tracker of the U.S. manufacturing sector, is tipped to come in at 55.0 in September, compared to 54.6 in the preceding month. A reading above 50 denotes expansion in manufacturing.

Also, all eyes will be on the U.S. personal income and spending report for August, which will fold in the latest reading of core personal consumption expenditures — the Fed’s preferred inflation gauge.

Economists anticipated that core PCE, due out on Wednesday, will increase by 0.3% month-on-month, bringing the annual rate up to 3.4%. The Fed has set the goal of keeping inflation at 2%.

Finally, the U.S. will release the last estimate of GDP for the second quarter of 2026, with analysts expecting the growth rate to remain steady at 1.5%, in line with the previous estimate.