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Gold slides 1% after US jobs data raises rate hike bets

10 April 2023 09:19 (UTC +04:00)

Gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labour market and raised expectations of another rate hike by the Federal Reserve in May, APA reports citing Reuters.

Spot gold was down 0.9% at $1,990.69 per ounce, as of 0402 GMT. U.S. gold futures slipped 1% to $2,006.30.

Gold slid due to "profit-booking on expectations of Fed rate hikes followed by Friday's strong U.S. job growth report and a steady dollar," Hareesh V, head of commodity research at Geojit Financial Services, said while noting a technical correction in prices.

Spot silver shed 1% to $24.75 per ounce, platinum lost 0.5% to $1,002.35 and palladium fell 0.3% to $1,461.31.

Australia, Hong Kong and some European markets are closed on Monday for the Easter holidays.