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Gold prices slipped on Monday in Asia after gaining almost 1% in the last session as a weak U.S. employment report sent the greenback lower and clouded the outlook for the global economy.
The Labor Department reported a 20,000-job increase in nonfarm payrolls last month, far fewer than the consensus forecast of 180,000.
The U.S. dollar dipped on Friday following the report, while the safe-haven gold rose.
Gold Futures for April delivery on the Comex division of the New York Mercantile Exchange last traded at $1,297.45 a troy ounce by 12:55 AM ET (4:55 GMT), down 0.1%.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies recovered slightly on Monday and gained 0.1% to 97.4.
“The fall this morning is a temporary occurrence due to some early morning profit taking after Friday’s move up. The U.S. dollar is mostly stronger and that is adding some downward pressure on gold,” said Jeffrey Halley, senior market analyst at OANDA, in a Reuters report.
“Structurally gold is well positioned to move higher overthe coming months. As the world economy continues to slow anduncertainty increases, it is going to be supportive for gold,”he said.
Meanwhile, U.S. Federal Reserve Chairman Jerome Powell’s comments received some attention as he said the central bank is not in a rush to change interest rates levels again, and that current rates are at an appropriate level.
“The financial crisis did a great deal of damage to many people’s lives. And, of course, not all of them will be made whole,” Powell said. But “our system is vastly more resilient and strong than it was before the financial crisis.”
Looking ahead, markets will get the latest reading on U.S. retail sales later in the day, which are expected to show another decline in January after an unexpected drop at the end of 2018.
Data on U.S. consumer and producer prices are set to be released on Tuesday and Wednesday, respectively.
Other key economic reports in focus this week include U.S. inflation figure, new home sales and durable goods.
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