Gold Drops to $1,298.80 an Ounce as US Jobs Report Data Impacts Market

Gold dropped 0.3 percent or $3.90 to $1,298.80 an ounce on Monday, according to Reuters. The precious metal achieved a large price jump on Friday due to investor concerns that the U.S. might implement an early interest rate increase in light of the jobs report. However, that report failed to meet market expectations, easing fears of an early rise in interest rates.

“Gold rallied after the data on Friday and is still steady because the numbers were below expectations, but growth in the U.S. seems to be quite positive and is still expected to improve,” Standard Bank analyst Walter de Wet told Reuters.

U.S. gold futures for April delivery lost 0.3 percent or $3.90 to trade at $1,299.20 per ounce.