SINGAPORE: Spot gold fell 0.5 percent to $ 4,322.28 an ounce, after reaching its highest level since June 17 in the previous session following weaker-than-expected US jobs data. US gold futures also declined 0.4 percent to $ 4,381.60.
The latest US employment data showed that the economy unexpectedly lost jobs in July, while employment figures for the previous two months were revised sharply lower.
The weaker labour market data prompted futures markets to reduce the probability of an interest rate hike at the Federal Open Market Committee’s September 15-16 meeting, with the likelihood falling from more than 50 percent to a lower level.
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Lower interest rates generally support gold prices by reducing the opportunity cost of holding the non-yielding precious metal compared with interest-bearing assets.
Investors are now focused on key US economic data due this week, particularly the Consumer Price Index on Wednesday and the Producer Price Index on Thursday, which could provide further clues about the Federal Reserve’s monetary policy outlook.
Among other precious metals, spot silver fell 0.2 percent to $ 63.45 an ounce, platinum declined 0.1 percent to $ 1,742.50, while palladium dropped 1.1 percent to $ 1,362.97.
