Investing.com - Gold prices edged lower on Monday after the dollar moved higher as investors shrugged off Friday's weak August jobs report and bet more upbeat economic indicators will continue to hit the wire down the road.
Gold and the dollar tend to trade inversely with one another.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,255.50 a troy ounce during U.S. trading, down 0.93%, up from a session low of $1,252.20 and off a high of $1,272.50.
The December contract settled up 0.06% at $1,267.30 on Friday.
Futures were likely to find support at $1,250.10 a troy ounce, the low from June 10 , and resistance at $1,279.20, Thursday's high.
The dollar softened after the Department of Labor reported Friday that the U.S. economy added 142,000 jobs in August, far less than the expected increase of 225,000.
Federal Reserve Chair Janet Yellen has said that slackness persists in the labor market despite an improving economy, and Friday's data sent investors rethinking timetables as to when interest rates may rise in the U.S., seen by many taking place in 2015.
Gold prices saw support on expectations that the Fed may wait a little longer to raise interest rates after it closes its monthly bond-buying program, which is seen taking place in a month or so.
By Monday, gold prices dipped and the dollar firmed, as the August jobs report tends to be subject to hefty revisions anyway.
Recent factory gauges, service-sector reports, retail sales figures, broader economic growth numbers and other indicators have suggested the U.S. economy is stronger than the August nonfarm payrolls data would suggest.
Meanwhile, silver for December delivery was down 0.71% at $19.020 a troy ounce, while copper futures for December delivery were up 0.31% at $3.179 a pound.