Gold Prices Drop After U.S. Employment Data Release

On Monday, gold prices witnessed a decline, influenced by profit-taking activities following a significant upsurge in the previous session. This rise came after U.S. employment data appeared weaker than expected, strengthening predictions of a possible rate cut by the U.S. Federal Reserve in September.

As of 00:55 GMT, spot gold prices fell by approximately 0.3 percent, reaching $3351.80 per ounce. On Friday, gold rose by over two percent. Meanwhile, U.S. gold futures saw a slight increase of 0.2 percent to $3404.80.

The dollar index dropped by 0.5 percent against a basket of major currencies, rendering gold more appealing to holders of other currencies. Concerning other precious metals, silver decreased by 0.5 percent in spot transactions to $36.83 per ounce. In addition, platinum fell by 0.6 percent to $1307.25 per ounce, while palladium was down by 1.6 percent, reaching $1189.27 per ounce.