Investing.com - Gold prices slipped lower on Monday as markets
continued to digest last Friday's U.S. nonfarm payrolls report,
which showed that the economy added slightly fewer jobs than
expected in March.
On the Comex division of the New York Mercantile Exchange, gold
for June delivery was last down 0.34% to $1,299.10, pulling back
from Friday's one-week high of $1,306.55.
Gold futures gained more than 1% on Friday after data showed
that the U.S. economy added 192,000 jobs in March, below
expectations for jobs growth of 200,000.
The U.S. unemployment rate remained unchanged at 6.7%, compared
to expectations for a downtick to 6.6%.
However, gold failed to build on gains after data showed that
jobs growth in the previous two months was revised higher.
The data disappointed some market expectations for a more robust
reading but indicated that the Federal Reserve is likely to stick
to the current pace of reductions to its asset purchase
have been under heavy selling pressure in recent weeks as upbeat
U.S. economic data fuelled expectations that the Federal Reserve
will begin to raise rates sooner than previously thought.
In the physical market, demand remained subdued as markets in
top buyer China remained closed for a holiday.
A report from the Commodities Futures Trading Commission on
Friday showed that hedge funds and money managers decreased their
bullish bets in gold futures for a second straight week as
geopolitical tensions eased and economic reports indicated that the
U.S. recovery was on track.
Net longs totaled 106,354 contracts, down 11.4% from net longs
of 120,042 in the preceding week.
Elsewhere, in metals trading, silver for May delivery dropped
0.64% to $19.81 a troy ounce, while copper for May delivery slipped
0.35% to trade at $3.012 a pound.
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