Ed Yardeni Warns Gold Could Sink To $4,000 After Sharpest Weekly Decline In Months—But Doesn't Stop Being

Gold futures fell to $4,321.80 an ounce on Monday, their biggest decline since March, with Ed Yardeni, founder of Yardeni Research, identifying $4,000 as a potential support level.

Gold prices extended their decline after a 3% drop on Friday, marking the metal's biggest one-day fall since March 26.

The precious metal also posted a 4.9% weekly loss, its steepest weekly decline since the week ended March 20, reported MarketWatch on Monday, citing Dow Jones Market Data.

Bart Melek said on CNBC that stronger-than-expected payroll data is increasing gold's cost of carry, which could weigh on the metal's appeal.

Ed Yardeni highlighted that gold dipped below its 200-day moving average of $4,443.4 per ounce on Friday.