Gold prices edged lower in holidaythinned trading on Monday as robust U.S. jobs data fuelled hopes for a rapid economic recovery and bolstered global equities, denting bullions appeal.
Spot gold was down 0.1 at 1,726.80 per ounce, as of 1132 GMT. U.S. gold futures were unchanged at 1,727.80 per ounce.
Most markets in Europe were closed for the Easter holiday.
The stellar March nonfarm payrolls print is ramping up optimism surrounding the U.S. economic recovery, which in turn is boosting riskon sentiment and dampening bullion demand, FXTM market analyst Han Tan said.
Should the hard data continue to warrant more risktaking activities in the markets, traditional safe havens are likely to struggle against the riskon tide, Tan said.
Global stocks rose to a 112month high after data last week showed the U.S. economy created the most jobs in seven months in March, aided by vaccine rollouts and additional pandemic relief. MKTSGLOB
Investors are now awaiting U.S. services and nonmanufacturing PMI data later in the day and minutes from the Federal Reserves last policy meeting on Wednesday.
U.S. President Joe Bidens announcement of a longawaited 2 trillionplus job plan last week has raised some concerns over inflation.
So far, the Fed is quite committed to keep interest rates unchanged until the end of 2023, but if inflation increases … then they will achieve their long term objective sooner than expected, said Jigar Trivedi, commodities analyst at Mumbaibased broker Anand…