Sharjah24 - Reuters: Gold prices fell on Monday as investors waited for more signals, including inflation data and remarks from Federal Reserve officials, and as bets increased for a lower rate decrease in November in response to positive jobs data.
Spot gold slipped 0.2% to $2,647.49 per ounce by 0432 GMT. U.S. gold futures were unchanged at $2,667.10.
The stronger-than-expected September jobs report, released on Friday, poured cold water on expectations of a large Fed rate cut next month, boosting the dollar. [USD/]
Traders now see a 98% probability that the Fed will cut rates by only a quarter of a percentage point next month.
"Geopolitical risks in the Middle East could support safe-haven flows for the yellow metal, which limit the downside from a less-dovish market rate pricing," IG market strategist Yeap Jun Rong said.
Bullion tends to be a preferred investment in a low interest rate environment and during political and economic uncertainties.
This week, market participants will focus on minutes of the Fed's last policy meeting, and the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data. A slew of U.S. central bank officials are also speaking this week.
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