Bengaluru — Gold prices inched lower on Monday as the dollar firmed, but concern about global economic slowdown further increased by poor US jobs data kept the precious metal pinned at near a more than one-week peak level. As of 3.59am GMT, spot gold was down 0.1% at $1,297.20/oz, after briefly breaching the $1,300 ceiling for the first time since March 1 in the previous session. It rose 1% on Friday, to register its biggest one day gain since February 19. US gold futures were down 0.2% at $1,296.90/oz. The dollar rose 0.1% against major currencies and traded close to its near two-month peak, making gold costly for holders of other currencies. “The fall this morning is a temporary occurrence due to some early morning profit-taking after Friday’s move up. The US dollar is mostly stronger and that is adding some downward pressure on gold,” said Jeffrey Halley, senior market analyst at Oanda. “Structurally gold is well positioned to move higher over the coming months. As the world econ...
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