(Reuters) – Gold prices fell on Monday as the dollar held on to the gains it made on better-than-expected US jobs data, while investors continued to focus on Sino-US relations ahead of scheduled trade talks.
By 0545 GMT, the spot price of gold was down 0.2 percent to $ 2030.10 an ounce. US gold futures rose 0.6 percent to $ 2040.80. Markets in Japan and Singapore are closed on Mondays for public holidays.
Gold reached a record high of $ 2,072.50 on Friday, then slipped around 2% as the dollar rebounded on data showing US non-farm payrolls growth of 1.763 million jobs in July.
Stephen Ince, chief market strategist at AxiCorp Financial Services, said, “The rise in the dollar is pressuring investors’ decisions, as well as that people will be more (inclined) to take profits after a rally of this magnitude.
“The chances of a correction are very high. It depends on the market’s view of the dollar in general, given that the trade escalation between the United States and China is somewhat in the interest of the dollar.”
Silver fell 0.2 percent to $ 28.24 an ounce, while platinum rose 1.2 percent to $ 972.93, and palladium settled at $ 2,177.04 an ounce