Gold prices were largely unchanged on Monday as traders awaited key US inflation data due later this week for signals on the Federal Reserve’s interest-rate path.
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Spot gold was steady at $4,424.40 per ounce by 0025 GMT, while US gold futures for December delivery fell 0.1% to $4,471.60.
Data released Friday showed that US job growth accelerated sharply in August, while the unemployment rate held steady at 4.1%. The figures point to an improving labor market following recent weakness, keeping the possibility of an interest-rate hike this month on the table.
Gold prices declined following the release of the data.
The CME Group’s FedWatch tool shows traders currently see a 58% probability that the Federal Reserve will raise interest rates at its September 15-16 meeting.
Gold is widely viewed as a hedge against inflation, but higher interest rates reduce the appeal of the precious metal because it does not generate interest income.
The US is scheduled to release consumer and producer inflation reports this week.
US President Donald Trump said Friday that he would halt trade with countries running trade surpluses with the United States unless the Federal Reserve cuts interest rates.
Among other precious metals, spot silver was unchanged at $66.21 per ounce, while platinum fell 0.7% to $1,807.38 and palladium declined 0.4% to $1,393.
