Gold succumbs to profit-taking after US jobs data-fuelled rally
slipped on Monday as investors booked profits after a sharp rise in the previous session following weaker-than-expected U.S. jobs data that boosted expectations for a
Federal Reserve interest rate cut
in September.
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* Spot gold lost 0.3% to $3,351.80 per ounce as of 0055 GMT. Bullion had risen more than 2% on Friday. However, U.S.
gold futures
gained 0.2% to $3,404.80.
* The
dollar index
fell 0.5% against a basket of rivals, making gold more affordable for holders of other currencies. Meanwhile, the benchmark 10-year yield languished near a five-week trough.
* A weaker than expected U.S. employment growth in July and a downward revision of 258,000 jobs in the May and June
non-farm payrolls
signalled a sharp deterioration in labor market conditions and revived hopes of a Fed rate cut in September, with markets now pricing in a 90% chance, per CME FedWatch tool.
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* Gold, traditionally considered a
safe-haven asset
during political and economic uncertainties, tends to thrive in a low-interest-rate environment.
*
SPDR Gold Trust
, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 953.08 tonnes on Friday from 954.51 tonnes on Thursday.
* Demand for physical gold in key
Asian markets
improved slightly last week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious.
* Asian markets tracked Wall Street lower as fears for the U.S. economy returned with a vengeance, prompting investors to price in an almost certain rate cut in September and undermining the dollar.
* Spot silver fell 0.5% to $36.83 per ounce, platinum slipped 0.6% to $1,307.25 and palladium dipped 1.6% to $1,189.27. DATA/EVENTS (GMT) 1400 US Factory Orders MM June.
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