Investing.com - Gold prices eased in Asia Monday with trade seen thing with markets in the U.S. and Canada shut for a holiday.
Gold for December delivery on the Comex division of the New York Mercantile Exchange dropped 0.27% at $1,118.40 a troy ounce.
Also on the Comex, silver futures for September delivery rose 0.56% to $14.630 a troy ounce.
Elsewhere in metals trading, copper for December delivery gained 0.18% at $2.316 a pound.
Prices of the red metal sank to a six-year low of $2.202 on August 24 as concerns over slowing growth in China and steep declines on Chinese stock markets dampened appetite for the red metal.
Chinese stock markets were closed on Thursday and Friday for the World War Two Victory Day parade and will reopen Monday.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Last week, gold futures slumped to the lowest level in more than two weeks on Friday, as traders continued to mull the timing of a Federal Reserve rate hike following the release of solid U.S. nonfarm payrolls data.
The Labor Department reported that the U.S. economy added 173,000 jobs last month, below forecasts for an increase of 220,000 and slowing from gains of 245,000 a month earlier.
However, the unemployment rate dropped from 5.3% to 5.1%, better than expectations for 5.2% and the lowest since April 2008.
Hourly earnings, a component of the jobs report that the Federal Reserve has said must rise, ticked up 0.3%, above forecasts for a 0.2% increase and following a gain of 0.2% in the previous month.
The data did little to alter expectations for a rate hike at the Federal Reserve's next meeting due to take place September 16-17.
Meanwhile, Richmond Fed President Jeffrey Lacker said on Friday that the U.S. economy no longer needs interest rates near zero, fueling further speculation over a possible rate hike as soon as this month.
The timing of a Fed rate hike has been a constant source of debate in the markets in recent months.
Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.
In the week ahead, investors will be looking ahead to Friday’s U.S. reports on producer prices and consumer sentiment for further indications on the strength of the economy and the likelihood of a near-term interest rate hike.
Markets will also be watching a raft of Chinese economic data, including a report on the trade balance as well as data on consumer price inflation.