Gold prices fell over the past week, after approaching a one-month low on Friday, despite weaker-than-expected U.S. jobs data, extending a pullback from a sharp rally last month as investors booked profits amid receding geopolitical risks.
Price movements
Spot gold fell 1.55 percent last week to $2,301.74 an ounce, its weekly decline.
The precious metal quickly gave up its gains after jumping to a record high of $2,320.78 after data showed U.S. nonfarm payrolls rose by 175,000 last month, below economists' expectations of 243,000.
Safe-haven gold has fallen 5.7 percent, or about $140, since hitting a record high of $2,431.29 in April, driven by waves of tension in the Middle East and heavy buying by central banks.
“The big drop over the past two weeks was due to easing concerns about geopolitical risks,” said Christopher Wong, currency strategist at OCBC.
Egyptian-led efforts to revive stalled negotiations between Israel and Hamas have raised hopes of a possible ceasefire in Gaza.
For its part, the US Federal Reserve indicated on Wednesday that it is still inclined to reduce borrowing costs eventually, but it hinted that recent disappointing inflation readings may postpone interest rate cuts for some time.
