Gold prices hold steady after Friday’s sell-off

Gold prices remained stable on Monday after a significant drop in the previous session due to better-than-expected US jobs data, Reuters reported.

Investors are now cautiously waiting for the Federal Reserve’s policy meeting later this week for insights on future interest rates.

Spot gold rose marginally by 0.1 per cent to $2,295.29 per ounce, as of 0346 GMT. However, US gold futures fell 0.5 per cent to $2,312.20, reflecting some lingering selling pressure.

The US dollar strengthened against other currencies, reaching a one-week high. The benchmark US 10-year Treasury yield also climbed to its highest level since June 3rd, reflecting revised expectations for interest rates.

In contrast to gold, other precious metals saw some gains on Monday. Spot silver rose 0.9 per cent to $29.43 per ounce, platinum climbed 0.8 per cent to $971.10, and palladium gained 1.1 per cent to $922.38.