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Gold Prices Firm as Dollar Weakens on Slower U.S. Job Growth

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On Monday, gold prices strengthened as the dollar and bond yields retreated from their recent highs due to lower-than-anticipated U.S. job growth data. Investors are preparing for a crucial inflation assessment this week, which could impact the direction of the Federal Reserve's policies.

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At 0130 GMT, spot gold maintained its stability at $1,942.33 per ounce, recovering from the previous session's three-week low. Concurrently, U.S. gold futures experienced a 0.1% increase, reaching $1,977.20.

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Following the Labor Department's employment report on Friday, which indicated that the U.S. economy added fewer jobs than anticipated in July, the U.S. dollar index (DXY) declined, and benchmark 10-year Treasury yields retreated from their November peak.

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The additional proof of a cooling labor market further supports the argument that the recent interest rate increase by the U.S. central bank might mark the conclusion of its ongoing cycle of tightening.

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The upcoming release of U.S. consumer price data on Wednesday will take center stage as analysts evaluate whether additional rate hikes are necessary to address the inflationary pressures.

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* Non-yielding gold is frequently pursued as a secure investment to hedge against inflation; however, its appeal diminishes as interest rates climb.

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The European Central Bank stated on Friday that underlying inflation in the euro zone has most likely reached its highest point, indicating a deceleration in other price increases as well.

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Last week, premiums on physical gold in China reached a nearly five-month high due to robust retail demand in the leading consumer market. Simultaneously, a depreciating rupee mitigated the effects of declining local prices in India.

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Market participants also assessed the labor department's data, which revealed substantial wage increases and a decrease in the unemployment rate, indicating a sustained state of tightness in labor market conditions.

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Describing the job report as predominantly varied, Yeap Jun Rong, a market strategist at IG, remarked that the diminishing job growth offers a rationale for the Fed to maintain current interest rates. However, the ongoing wage pressure stemming from labor market tightness indicates that investors should remain vigilant about potential inflation risks in the future.

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Anticipating a potential uptick, gold and silver prices are predicted to rise in the upcoming month. Edward Meir, a metals analyst affiliated with Marex, noted in a monthly report that this projection stems from the possibility of a moderate retreat in the U.S. dollar and interest rates leading up to the September Federal Reserve meeting.

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On Monday, gold prices experienced a decline due to the ascent of the U.S. dollar in anticipation of this week's U.S. inflation data. Nevertheless, bullion managed to recover from three-week lows following the moderation in U.S. job growth, which subsequently exerted downward pressure on bond yields from their recent peaks.

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