Spot gold was down 0.3% at $4,330.46 per ounce, as of
0443 GMT.
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iStockphoto
Gold slipped on Monday as investors took
profits after prices hit a seven-week high in the previous
session, while markets looked to US inflation data for fresh
clues on the Federal Reserve’s interest rate path.
Spot gold was down 0.3 per cent at $4,330.46 per ounce, as of
0443 GMT. Prices hit their highest since June 17 on Friday
after weak US non-farm payrolls data.
US gold futures fell 0.2 per cent to $4,390.60 on Monday.
“Gold is edging slightly lower as it succumbs to some
profit-taking following last week’s strong NFP-inspired gains.
This looks like a natural stabilisation rather than a meaningful
shift in sentiment – I expect gold to remain supported above the
$4,300 level in the near term,” said Tim Waterer, chief market
analyst at KCM Trade.
Data showed the US economy unexpectedly shed jobs in July
and previously reported job gains for the prior two months were
revised sharply lower.
Futures markets then flipped the odds of a rate hike at the
September 15-16 Federal Open Market Committee meeting from
likelier-than-not to a worse-than-even chance.
A lower interest rate environment boosts the attractiveness
of gold against income-generating assets, as bullion itself
earns no interest.
Key US data scheduled for release this week include the
Consumer Price Index (CPI) on Wednesday and the Producer Price
Index (PPI) on Thursday.
“Soft readings would strengthen the case for a rate hold and
clear a path for further upside in gold… Middle East
uncertainty remains a lingering risk factor, as any renewed
escalation that drives oil prices up could quickly pressure the
metal,” said Waterer.
On the geopolitical front, Iran said it was nearing a final
pact with Oman defining new shipping lanes between them through
the Strait of Hormuz but repeated that the US must meet
several conditions before the strategic waterway is reopened.
Spot silver rose 0.3 per cent to $63.77 per ounce and
platinum gained 0.2 per cent to $1,748.80, while palladium
slipped 1 per cent to $1,364.55.
Published on August 10, 2026
