Gold prices rose in early Asian trading on Monday, following U.S. jobs data from last week that cast doubt on the strength of the labor market, prompting investors to be more cautious about the trajectory of U.S. interest rate hikes. Spot gold increased by 0.1% to $1925.49 per ounce, while U.S. gold futures fell by 0.1% to $1931 per ounce.
The jobs report released by the U.S. Department of Labor revealed that "the U.S. economy added the lowest number of jobs in two and a half years in June."
Interest rate hikes undermine the appeal of gold, which does not yield interest.
Regarding other precious metals, spot silver rose by 0.1% to $23.09 per ounce. Platinum increased by 0.4% to $911.40 per ounce, and palladium gained 0.2% to $1246.86 per ounce.
