The world gold market turned down sharply

Asset Strategies International president and CEO Rich Checkan predicts that gold will likely face profit-taking pressure in the short term. However, he still believes that the gold shortage in London, tariff policies from US President Donald Trump and "persistent" inflation will contribute to driving gold prices higher.

After central banks announce their interest rate decisions and inflation data, this week the market will turn its attention from there to labor issues, with the December nonfarm payrolls report due. released on Friday.

Gold traders will also be interested in a variety of other data expected to influence the market, such as manufacturing and services activity reports, employment numbers, and the Bank's monetary policy decision. UK goods, weekly unemployment claims in the US, and preliminary data on consumer sentiment from the University of Michigan in January.