(MENAFN- Khaleej Times) Gold prices eased on Monday, surrendering some of the gains made in the previous session after disappointing US jobs data, on expectations the Federal Reserve will press on with some tapering of monetary stimulus in the near future.
Speculation that the US central bank is set to trim its $85 billion monthly bond-buying programme, a key driver of higher bullion prices, has helped knock gold 17 per cent lower this year after more than a decade of gains.
Spot gold was down 0.5 per cent at $1,383.01 an ounce at 1152GMT, while US gold futures for December delivery were down $3.50 an ounce at $1,383.00.
Prices rose 1.7 per cent on Friday after a report showing US nonfarm payrolls grew less than expected last month cast doubt on the US recovery.
The unemployment rate, the Fed's favoured measure of job market health, eased 0.1 point, however. But comments by two Fed officials that suggested stimulus unwinding remained on track helped the dollar recover on Monday to near levels seen before the US jobs numbers.
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