05.06.202310:25:00UTC+00Gold Edges Lower On Dollar Strength

Gold edged lower on Monday as the dollar traded firm after the release of strong payrolls report.

Spot gold slipped 0.3 percent to $1,943.33 per ounce, while U.S. gold futures were down half a percent at $1,959.05.

The dollar edged up as robust U.S. employment data helped ease fears of a recession. Data showed on Friday that U.S. non-farm employment soared by 339,000 jobs in May while economists had expected an increase of 190,000 jobs.

However, a rise in unemployment rate to a seven-month high of 3.7 percent and lower average hourly earnings helped keep alive hopes of Fed pausing rate hikes.

Risk sentiment also improved after U.S. President Joe Biden signed legislation that lifts the nation's debt ceiling.

In economic releases, U.S. PMI data for May and factory orders for April are set to be released in the New York session.

Data showed earlier in the day that a private gauge of China's service activities edged up in May and remained in expansionary territory for the fifth consecutive month.

Meanwhile, a raft of data out of Europe proved to be a mixed bag.