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Gold eases as dollar holds ground

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A one kilogram gold bar sits on top of silver bars at London bullion dealers Gold Investments in London, United Kingdom, on April 4, 2013.

Simon Dawson | Bloomberg | Getty Images

Gold prices edged lower on Monday as the dollar held steady, with traders eyeing monthly U.S. jobs data to gauge the health of the labor market.

Fundamentals

Spot gold fell 0.2% to $1,809.21 per ounce by 0137 GMT. Prices retreated from a two-week peak in the previous session after the dollar recovered.

However, the greenback was down 0.8% last week, its worst weekly performance in over two months.

U.S. gold futures fell 0.1% to $1,814.90.

The Federal Reserve should start reducing its $120 billion in monthly bond purchases this fall and cut them “fairly rapidly” so the program ends in the first months of 2022 and paves the way for an interest rate increase that year if needed, St. Louis Fed president James Bullard said on Friday.

Bullard’s comments came after Chair Jerome Powell’s…

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