Gold drops ahead of US jobs data
Gold prices saw a slight decline during Monday's trading, as investors awaited U.S. labor market data and eased concerns over rising inflation, while tensions in the Middle East continued to impact oil prices. The price of an ounce decreased by 0.3% to approximately $4,030, and futures contracts also fell by 0.5%. It is expected that non-farm employment figures and labor market indicators will influence the Federal Reserve's future policy path, especially with Fed officials' statements suggesting the possibility of interest rate hikes to contain inflation. This scenario puts downward pressure on gold, which does not generate any yield. Additionally, the rise in oil prices has raised fears of higher energy costs and worsening inflation. Amid these conditions, other precious metals also declined, with silver, platinum, and palladium recording losses.
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