WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday, snapping a four-day winning streak, as upbeat U.S. jobs data raised concerns that the Federal Reserve will hold interest rates higher for longer, following last week's update non-farm payroll data.
Lingering concerns about Middle East tensions and tariff threats by U.S. President-elect Donald Trump limited the yellow metal's downside.
The dollar index, which climbed to 110.18 in the European session, pared some gains as the day progressed, but still remained firm at 109.82, gaining 0.15%.
Gold futures for January closed down $35.00 or about 1.29% at $2,673.50 an ounce.
Silver futures for January settled at $30.091 an ounce, losing $1.000 or about 3.2% at $30.091 an ounce, losing after seven successive days of gains.
Copper futures for January climbed to $4.2925 per pound, gaining $0.0180 or 0.42%.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a pause by the Fed in January FOMC at 97.3 percent. It was 91.4% a week earlier and 78.3% a month earlier.
Likewise, the expectations of a status quo by the Fed in the review in March is currently at 77.9%. This has also increased from 56.7% a week earlier and 36.3% a month earlier.
Investors now eye U.S. consumer price inflation data due later this week, for more insights into the Federal Reserve's monetary policy move.
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