Gold price rose as global stocks declined and as market participants speculated that the Fed could delay its further interest rate hikes.
A weaker the U.S. dollar also supported gold. Market participants continued to eye Friday's mixed U.S. labour market data. According to the U.S. Labor Department's data, the U.S. economy added 242,000 jobs in February, exceeding expectations for a rise of 190,000 jobs, after a gain of 172,000 jobs in January. January's figure was revised up from a rise of 151,000 jobs. The increase was driven by rises in health care and social assistance, retail trade, food services and drinking places, and private educational services. The U.S. unemployment rate remained unchanged at 4.9% in February, the lowest level since February 2008, in line with expectations. Average hourly earnings dropped 0.1% in February, missing forecasts of a 0.2% gain, after a 0.5% rise in January.
April futures for gold on the COMEX today rose to 1266.30 dollars per ounce.