Gold prices fell on Monday as investors moved to take profits following the precious metal’s strong gains last week.
Meanwhile, markets are awaiting the release of U.S. inflation data for new clues on the path of interest rates.
Spot gold fell 0.3% to $4,330.46 per ounce.
Similarly, U.S. gold futures fell 0.2% to $4,390.60 per ounce, according to Reuters.
On Friday, prices had touched their highest levels in about seven weeks.
This came after U.S. jobs data showed an unexpected decline in the labor market during July.
For his part, Tim Waterer, a market analyst at KCM Trade, said the current decline reflects normal profit-taking.
It does not represent a fundamental shift in investor sentiment.
He also predicted that gold would remain supported above the $4,300 level in the near term.
Markets are awaiting the release of the Consumer Price Index on Wednesday, followed by the Producer Price Index on Thursday.
Weak data could reinforce expectations that interest rates will remain unchanged, which could provide additional support for gold.
As for other precious metals, silver rose to $63.77 per ounce.
Platinum climbed to $1,748.80.
Palladium, meanwhile, fell to $1,364.55.
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