Gold prices fell, after strong US jobs data last week boosted the possibility of the US central bank raising interest rates dramatically, sending dollar and Treasury yields higher.
According to Arabiya Net, the price of gold in spot transactions fell 0.1% to $1,771.74 per ounce, after declining 1% in the previous session.
US gold futures fell 0.2% to $1,788.20.
Stephen Innes of the S Foundation said: BI Asset Management Gold started quietly as the market is still digesting the implications of a strong US jobs report and how much it will affect the Federal Reserve, Reuters reported.
I think the July increase in non-farm payrolls raises the odds of a 75bp rate hike in September which should be negative for gold.
As for other precious metals, the price of silver settled in spot transactions at $19.87 an ounce, platinum fell 1.3% to $920.25, and palladium settled at $2125.68.
