Gold Retreats to Weekly Low amid Strong Job Data and Powell's Comments

Gold prices fell to a one-week low, influenced by strong U.S. employment figures and comments from Federal Reserve Chair Jerome Powell, which diminished expectations of early interest rate cuts. The anticipation of a more robust economic stance pushed the dollar and bond yields up, affecting gold’s appeal. By midday GMT on Monday, spot gold had decreased by 0.6% to $2,025.99 per ounce, marking its lowest point since January 29. Similarly, U.S. gold futures saw a 0.6% drop to $2,042.60 per ounce.