Investing.com - Gold futures remained under pressure on Monday, as robust U.S. nonfarm payrolls data released last week dampened demand for the precious metal.
On the Comex division of the New York Mercantile Exchange, gold for August delivery shed 0.51%, or $6.70, to trade at $1,314.60 a troy ounce during European morning hours. Prices held in a range between $1,313.30 and $1,321.70 an ounce.
Gold prices were likely to find support at $1,305.40, the low from June 25 and resistance at $1,334.90, the high from July 1.
Also on the Comex, silver for September delivery slumped 0.88%, or 18.7 cents, to trade at $21.01 a troy ounce.
The U.S. Department of Labor said last week that non-farm payrolls rose by a seasonally adjusted 288,000 in June, easily surpassing expectations for an increase of 212,000. The unemployment rate ticked down to 6.1% from 6.3% in May, the lowest in almost six years.
The upbeat jobs report bolstered the outlook for the broader economic recovery and revived speculation over when the Federal Reserve may start to raise interest rates.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.1% to trade at 80.39, from 80.31 on Friday.
A stronger dollar usually weighs on gold, as it dampens the metal''s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Investors turned their attention to Wednesdays’ minutes of the Fed’s June meeting, with few other major U.S. economic reports on the calendar.
Elsewhere in metals trading, copper for September delivery inched down 0.64%, or 2.1 cents, to trade at $3.250 a pound.
Copper traders looked ahead to key inflation and trade data out of China later in the week. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption.