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Gold prices fell further on Monday as the dollar held firm, with investors looking forward to several major central bank meetings and US inflation data release this week for more clarity on the interest rate trajectory.

Spot gold was down 0.2% at $1,998.89 per ounce as of 0232 GMT, after dropping about 3.3% last week in its worst week in more than two months.

US gold futures were flat at $2,014.80.

“Stronger jobs number on Friday caused a little bit of a reshaping of expectations for the Fed next year, providing a reprieve to the dollar and bond yields and that puts some downward pressure on gold,” said KCM Trade Chief Market Analyst Tim Waterer.

Data showed US nonfarm payrolls increased by 199,000 last month, above economists’ expectations for 180,000 in job gains.

The report prompted traders to pare back expectations that the Federal Reserve could cut interest rates as soon as March.

Gold prices dip

The November US consumer price report on Tuesday will be closely watched for more rate clues ahead of the Fed statement and Chair Jerome Powell’s comments on Wednesday.

The Fed is widely expected leave rates unchanged at 5.25-5.50% this week.

The European Central Bank, Bank of England, Norges Bank and the Swiss National Bank are all meeting on Thursday.

Lower interest rates tend to support non-interest-bearing bullion.

Waterer said there were a few potential obstacles this week for gold to stay above the $2,000 level.

“The outcome of FOMC (Federal Open Market Committee) meeting and inflation data will dictate which side of the $2,000 level gold will be,” Waterer said.

Meanwhile, COMEX gold speculators lowered their net long position by 11,895 contracts to 132,515 in the week ended Dec. 5.

Spot silver rose 0.1% to $23.98 per ounce, while platinum was steady at $915.31 and palladium fell 0.7% to $941.11 per ounce.

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