Gold prices fell on Tuesday as investors grew cautious ahead of key US jobs data, as it is expected to shed light on future Federal Reserve interest rate cut prospects, reports Reuters.
Spot gold lost 0.6% to $4,277.20 per ounce, as of 1102 GMT. Bullion has rallied 64% year-to-date. US gold futures were down 0.7% at $4,305.30.
"Gold is on the back foot this morning as investors take profit ahead of key US data that will shape Fed rate expectations next year," said Lukman Otunuga, senior research analyst at FXTM, adding that weakness below the psychological $4,300 mark is also keeping bears in the picture.
The combined employment reports for October and November are in focus, though a number of key details will be missing due to a lack of data collection following the longest-ever US government shutdown.
US non-farm payrolls likely increased by 50,000 jobs in November following an anticipated decline in October, a Reuters survey of economists predicted, while the unemployment rate was estimated to come in at 4.4% last month.
Investors will also scrutinize November's Consumer Price index and Personal Consumption Expenditures index, due later this week, for further clues on monetary policy next year.
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