WASHINGTON (dpa-AFX) - Gold prices were a tad higher on Monday as investors focused on Omicron cases and U.S. inflation data due this week for directional cues.
Spot gold edged up 0.2 percent to $1,800.58 per ounce, while U.S. gold futures were up 0.1 percent at $1,798.80.
The dollar ticked up and U.S. Treasury yields reached a new two-year high in response to the jobs numbers released on Friday.
Despite weaker than expected job growth, the unemployment rate slid to 3.9 percent in December from 4.2 percent in November.
Friday's U.S. employment numbers showed stronger-than-expected wages, raising the prospect of earlier than expected rate hikes.
This week's trading may be impacted by reaction to reports on consumer and producer price inflation, retail sales and industrial production.
There are testimonies and speeches by several Fed officials throughout the week. Incumbent Fed Chairman Jerome Powell's confirmation hearing in the Senate Banking Committee for his second term will take place on Tuesday, while the hearing for Lael Brainard, the vice-chair nominee, is on Thursday.
China also releases its consumer and producer price inflation data on Wednesday.
On the Covid-19 front, the Omicron Covid-19 variant continues to spread rapidly.
The discovery of a new strain that combines Delta and Omicron is also on the radar.
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