Gold prices fell 0.8% during Monday, after posting gains for two consecutive sessions, and are currently trading near the key level of $4,350 per ounce.

The yellow metal is currently trading at the weekly pivot point of $4,337; if it breaks then stabilizes below this level, it is likely to suffer further losses, targeting the next support levels at $4,275 then $4,173.

If gold manages to stay above the weekly pivot point of $4,337, it will test resistance levels near $4,440 and then $4,502.

In terms of geopolitical tension, Iran and the United States exchanged new threats on Sunday, with President Donald Trump warning Iran would fail ‌economically or face its leadership being wiped out if it didn’t make a deal, and the Iranian military saying it would retaliate harshly to any fresh attack.

The conflict has looked stalemated for months, with no sign either side was ready for concessions even as it has deepened a global energy crisis, cratered swathes of Iran’s economy and spilled over into new regional escalations.

Trump said Iran’s leaders should make a deal, rot economically or be wiped out.

However, ​with Iran’s President Masoud Pezeshkian expected in New York this week for the United Nations General Assembly, Trump said he would ⁠be open to meeting him.

Trump has repeatedly made vague threats of major military escalations during the conflict that began with US and Israeli ​strikes on February 28, without carrying them out.

Earlier, Iran’s military central command said any new attack would trigger sustained retaliation against US bases and interests and that ​Washington’s regional allies would be considered parties to the conflict.

The Iranian military added that it had information that an attack was being prepared, without elaborating on what that information might be.

On the economic data front, figures gauging manufacturing and services 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 53.4 in September, compared to 56.5 in the preceding month. A reading above 50 denotes expansion in manufacturing.

Besides that, markets are closely watching a series of speeches from Federal Reserve officials this week, with investors looking for fresh signals on the outlook for monetary policy and the path of interest rates in the months ahead.

The remarks are expected to draw particular attention as markets seek further clues on Fed officials’ views on inflation, the labor market, and the outlook for future interest-rate decisions.

Finally, markets are awaiting U.S. jobless claims data, with forecasts indicating that the number of Americans filing for unemployment benefits will come in at 201,000, up from 196,000 in the previous reading. If this data comes in worse than expected, it could raise concerns about the health of the labor market, which would put additional pressure on the dollar and have a positive impact on gold prices.