Limited growth in gold prices after falling $ 44

Gold for immediate delivery rose 0.1 percent to $ 1,682.57 an ounce in Singapore today, according to the Gold Café website .

In the US futures market , gold rose 0.5 percent to $ 1,691.40 an ounce.

The price of an ounce of gold fell $ 44.40, or 2.6 percent, to $ 1,683 on Friday after statistics showed that the number of non-farm jobs in the United States rose 2.509 million jobs last month. The positive figure, contrary to analysts' forecasts of eight million job losses, limited demand for gold as a safe-haven asset.

"The story of US unemployment figures poses a lot of risk to gold, and the uptrend in gold will be quite limited, and the metal will have trouble crossing the $ 1,700 mark again, " said Stephen Ince, a strategist at OxyCorp Financial Services . will do.

Better-than-expected employment in the United States boosted demand for riskier assets such as stocks, pushing stock markets higher on Monday.

Market participants are now waiting for the US Federal Reserve's two-day policy meeting, which begins on Tuesday and ends on Wednesday afternoon. However, following the unexpected improvement in employment data, the market is not counting on the possibility of the US Federal Reserve using negative interest rates.

According to Reuters, the price of gold has risen by more than 11 percent since the beginning of 2020 as the world's central banks cut interest rates and unveiled broad stimulus packages aimed at boosting economies affected by the Corona virus outbreak. However, gold prices fell about 4 percent from a seven-year high in May in hopes of a faster economic recovery.

The gold stock of SPDR Gold Trust , the largest gold-backed exchange-traded mutual fund, fell 0.4 percent to 1,128.11 tons on Friday.

In other precious metals , silver rose 0.6 percent to $ 17.47 an ounce. Platinum for immediate delivery fell 2 percent to $ 819.25 an ounce . Palladium for immediate delivery rose 0.7 percent to $ 1,965.92 an ounce