In general, gold prices on Thursday (4/3) have the potential to experience correction by moving to the position of 1,680-1,740 US dollars per troy ounce.

Commodities Observer Ariston Tjendra said that the return of long-term US government bond yields, especially the 10-year tenor, to around 1.49 percent, triggered the decline in gold prices.

"But prices can still rebound to the range of US $ 1,740 as long as they stay above the US $ 1,700 support. If the price breaks below the US $ 1,700 support, the price has the potential to continue to decline to the US $ 1,680 range," he said in Jakarta, Thursday (4/3). ).

Furthermore, this increase in yield is in line with the prospects for economic recovery in the US with the decline in new cases of COVID-19 and the progress of vaccinations in the US and improving US financial data, where overnight service sector survey data showed the sector was still growing in February 2021.

Later tonight in the US trading session, data on US factory orders for January 2021 will be released and a speech by the Fed Governor Jerome Powell at the US economic discussion forum held by the Wall Street Journal.

Suppose January factory orders data again shows growth exceeding expectations, and Powell indicates an economic recovery in the US. In that case, the US dollar could also strengthen, and gold could be depressed again.