Gold prices experienced a downturn in Asian trade on Monday, extending losses from the previous week. The decline was driven by a combination of robust labor market data and hawkish signals from the Federal Reserve, leading markets to recalibrate expectations for early interest rate cuts.
The yellow metal saw a significant drop from its highs above $2,050 per ounce as the possibility of higher-for-longer interest rates added near-term pressure. During Monday’s trading, the US dollar surged to a near two-month high, accompanied by advancements in Treasury yields.
In specific figures, spot gold witnessed a 0.4% decrease, reaching $2,031.60 per ounce, while gold futures expiring in April recorded a 0.3% decline, settling at $2,047.75 per ounce by 00:27 ET (05:27 GMT).
