Gold retreats as dollar, yields firm

Gold prices receded on Monday as the US dollar and Treasury yields gained after traders digested Friday's jobs report, with attention turning to US inflation data later this week, reports Reuters.

Spot gold was down 0.4 per cent at $1,934.89 per ounce by 1122 GMT, having slid to its lowest since July 11 on Friday before settling 0.4 per cent higher. US gold futures eased 0.3 per cent to $1,969.70.

The US economy added fewer jobs than expected in July, data showed on Friday, but solid wage gains and a decline in the unemployment rate pointed to continued tightness in labor market conditions.

"Market participants still see the job market in the US being tight...it's not a considerably strong slowdown in job activity," said UBS analyst Giovanni Staunovo.

Silver fell 0.9 per cent to $23.38 an ounce, while platinum lost 0.7 per cent to $915.50. Palladium gained 0.2 per cent to $1,259.57.

"Palladium prices could be near a temporary bottom as supply risks could resurface driven by geopolitical tensions," Intesa Sanpaolo economist Daniela Corsini said in a note.