2023.04.1009:21:00UTC+00Gold Slips On Stronger Dollar

Gold prices traded lower on Monday as the dollar strengthened on expectations of further interest-rate hikes by the Federal Reserve in its next monetary policy meeting in May.

Spot gold fell half a percent to $1,998.01 per ounce, while U.S. gold futures were down 0.7 percent at $2,012.85.

A stronger dollar kept bullion under pressure after U.S. jobs data on Friday underscored a tight labor market.

A closely watched report released by the Labour Department on Friday revealed that employment in the U.S. increased roughly in line with economist estimates in the month of March.

Average hourly employee earnings rose, and the unemployment rate slipped to 3.5 percent from 3.6 percent in February, raising uncertainty over the Fed's rate hike path.

As the week progresses, traders will scrutinize the U.S. inflation data for March and the Federal Reserve minutes from the March meeting to evaluate the potential for further policy tightening.