SINGAPORE – Spot gold dropped 0.9 percent to $4,631.69 per ounce, while US gold futures for April delivery fell 0.5 percent to $4,657.50, with trading activity subdued due to holiday closures across several markets in Asia and Europe.

Investor sentiment was pressured after data showed the US labour market remained resilient. Figures released last week indicated that non-farm payrolls increased by 178,000 jobs in March, marking the strongest gain since December 2024, while the unemployment rate declined to 4.3 percent.

The stronger economic outlook pushed up yields on 10-year US Treasury bonds and lifted the dollar index, making dollar-denominated gold more expensive for investors and reducing its appeal.
Besides, rising oil prices – driven by ongoing geopolitical tensions linked to the US-Israeli conflict involving Iran – added to market uncertainty, further dampening expectations for near-term monetary easing.

In other precious metals, spot silver fell 1.4 percent to $71.98 per ounce, platinum slipped 0.9 percent to $1,970.38, while palladium remained steady at $1,503.52.