© Archyde.com. Gold bars are displayed inside a bullion factory in Mendrisio, Switzerland, on July 13, 2022. Photo: Dennis Balibouz/Archyde.com.
(Archyde.com) – It fell to its lowest level in more than four weeks on Monday, as the dollar stabilized following stronger-than-expected jobs data raised fears that the Federal Reserve (the US central bank) would continue to raise interest rates.
It was little changed at $1,865.88 an ounce by 0045 GMT, following hitting its lowest level since January 6 earlier in the session.
US gold futures rose 0.2 percent to $1,879.40.
It rose 0.2 percent, making gold less attractive to buyers holding other currencies.
Data on Friday showed job growth in the United States accelerated sharply last month, with non-farm payrolls rising by 517,000 jobs, well above an estimate of 185,000. The unemployment rate fell to 3.4 percent, its lowest level in 53 and a half years.
As for other precious metals, the spot price fell 0.5 percent to $22.24 an ounce, and platinum fell 0.1 percent to $973.04, or 0.5 percent to $1,616.54.
(Prepared by Ahmed Sobhi for the Arabic Bulletin)