Gold futures traded lower in early deals on Monday, saddled by the strength in the US 10-year Treasury bond yield notes after better-than-expected US jobs data. On Friday, the US registered a climb of 272K jobs for May, almost 100K above median market expectations, pointing resilience in the US labor market. Additionally, dulled expectations over early interest rate cut by the Federal Reserve this year, and PBoC’s pause in gold purchases in May after an 18-month streak of consecutive buying also added negative trend. Meanwhile, investors closely eyed on Wednesday’s Fed interest rate decision and key US inflation data for more cues. The yellow metal for the most active had marked 0.88% loss for the week.
Gold futures for August delivery down by $10.50 or 0.45% to 2314.50 per ounce on the Comex division of the New York Mercantile. While, spot gold rose by $ 2.20 or 0.10% to $ 2,295.98 an ounce.