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Gold Edges Lower As Dollar Rebounds

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Gold Edges Lower As Dollar Rebounds
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Gold prices edged lower on Monday as the U.S. dollar recovered some ground after having fallen at the end of last week to a one-month low on disappointing jobs data.

Spot gold slipped 0.2 percent to $1,823.61 per ounce, while U.S. gold futures were down 0.4 percent at $1,825.55.

Gold is seeing some consolidation around $1,800 levels after disappointing jobs and services sector data sparked questions about the economic recovery from the pandemic.

U.S. non-farm payroll employment rose by 235,000 jobs in August after soaring by an upwardly revised 1.053 million jobs in July, official data showed. Economists had expected employment to jump by about 750,000 jobs.

Despite the much weaker than expected job growth, the unemployment rate fell to 5.2 percent in August from 5.4 percent in July, matching economist estimates. Another report showed U.S. service sector growth slowed from a record pace in August.

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