Gold and silver retreat as robust US jobs data fuels Fed rate hike bets

Gold and silver prices declined on Monday as strong U.S. labor market indicators heightened expectations that the Federal Reserve could deliver an interest rate increase at its upcoming policy meeting.

Spot gold fell 0.5% to $4,405.47 per ounce by 02:11 GMT, while U.S. gold futures for December delivery dipped 0.5% to settle at $4,452.20 per ounce. Bullion faced headwinds from Friday’s non-farm payroll report, which revealed accelerated hiring alongside an unchanged 4.1% unemployment rate in August. Market focus has shifted to upcoming U.S. consumer inflation metrics ahead of the FOMC's September 15–16 meeting.

Among other precious metals, spot silver lost 0.2% to trade at $66.03 per ounce, platinum dropped 0.8% to $1,805.53, and palladium declined 0.7% to $1,396.08.

N.Tebrizli