Gold slipped Monday, pressured by stock-market gains and overall global risk-taking seen after Friday’s U.S. jobs report eased concerns over accelerating inflation and faster U.S. interest-rate hikes.
April gold GCJ8, -0.12% fell $5.60, or 0.4%, to $1,318.40 an ounce. Gold prices ended higher Friday, turning the metal’s weekly return just positive after a report revealed a strong rise in U.S. hiring but disappointing growth in wages.
The latest snapshot of the U.S. labor market showed strong job growth and a higher participation rate, with the nation adding 313,000 new jobs in February. But the 12-month increase in pay slipped to 2.6% from a revised 2.8% in January.
Markets had braced for a stronger wages reading after an inflation scare within this report a month earlier helped sink stocks. Rising inflation could add pressure on the Fed to speed up its rate rises, which could strangle the stock market. Gold, in turn, although negatively affected…