Investing.com - Gold prices rebounded in Asia on Tuesday as bargain hunters snapped up the yellow metal.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,318.70 a troy ounce, up 0.13%, after hitting an overnight session low of $1,312.50 and off a high of $1,321.70.
Overnight, gold prices continued to slump after the Department of Labor reported last week that non-farm payrolls rose by 288,000 in June, easily surpassing expectations for an increase of 212,000.
The dollar firmed on the news by stoking expectations for the Federal Reserve to hike interest rates.
However, by Monday trading after a holiday weekend in the U.S., profit takers wiped out the greenback''s advance, though gold prices remained in negative territory amid uncertainty as to when the Fed will move.
Many investors jumped to the sidelines to await the release of the minutes from the Federal Reserve''s June policy meeting, which may hold clues concerning the direction of monetary policy.
U.S. investment bank Goldman Sachs said it expected the Fed to raise interest rates in the third quarter of 2015 as opposed to the first quarter of 2016 made in an earlier prediction, though uncertainty ahead of the release of the Fed minutes on Wednesday steered investors away from the yellow metal.
Silver for September delivery rose 0.11% at $21.038 a troy ounce. Copper futures for September delivery were down 0.18% at $3.253 a pound.