The world gold price is listed at 1,960.7 USD/ounce, down 3.2 USD/ounce compared to last week's closing session.
Markets are turning their attention to the US Federal Reserve's (Fed) monetary policy meeting next week. Investors think the Fed will pause the rate tightening cycle. But now many expect the US Federal Reserve to act on the recent moves of the Bank of Canada.
Demand for gold is still very large. The People's Bank of China bought about 16 tons of gold last month, marking the seventh consecutive month the central bank has bought gold. Since November, the country has increased its gold reserves by 144 tons.