Markets await U.S. CPI data on Wednesday
COMEX gold speculators raise net long positions

July 10 Reuters Gold prices were little changed on Monday after U.S. jobs data last week cast doubts over the labor market39;s strength, prompting investors to be more skeptical of the Federal Reserve39;s rate hike trajectory.

Spot gold was steady at 1,923.62 per ounce by 0347 GMT. U.S. gold futures were down 0.2 at 1,929.50 per ounce.

The Labor Department39;s closely watched employment report on Friday showed the U.S. economy added the smallest jobs in 212 years in June, but persistently strong wage growth pointed to stilltight labor market conditions.

The nonfarms were less eventful than the prior ADP employment data, but importantly, don39;t seem to challenge expectations around a July hike by the Fed, said Nicholas Frappell, global head of institutional markets at ABC Refinery.

It would take a profound miss on the upcoming CPI data July 12 to alter this view, I believe.

Gold is highly sensitive to higher rates as they dampen the appeal of bullion, which pays no interest.

Prices have dropped over 7 since reaching nearrecord levels in early May as investors scaled back expectations of an end to the U.S. Federal Reserve39;s ratehiking cycle.

However, an Invesco survey of central bank and sovereign wealth funds published on Monday showed that an increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on…