Gold edged lower early in the Asian session on a technical correction after gold futures closed nearly 1.7% higher last Friday. However, gold's decline may have been limited by rising expectations of a Fed rate cut, which has strengthened the appeal of the non-yielding precious metal.
Friday's employment data "was clearly a warning," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. "The Fed's dual mandate includes employment, and this data shows weakness. Fed pessimists are circling," the analyst added. Spot gold fell 0.1% to $3,356.81/oz. (alg)
Source: Dow Jones Newswires
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