Gold prices eased on Monday as U.S. Treasury yields rose and global stocks gained after better-than-expected jobs data in the United States fuelled optimism over a swift economic recovery.
Spot gold fell 0.3% to $1,724.32 per ounce, as of 0408 GMT. Gold futures were flat at $1,762.00 per ounce.
“Strong payroll data has boosted the dollar and the yields, which is weighing on gold prices. I think gold’s primary trend is bearish,” said DailyFX strategist Margaret Yang.
“Global economic growth is definitely taking a positive turn, however, it is uneven. Growth in the U.S. is particularly strong, but parts of EU is having a challenging time with the third wave of virus.”
The U.S. economy created the most jobs in seven months in March as more Americans got vaccinated and the government doled out additional pandemic relief money.