Gold prices edged lower in the global market on Monday after weeks of trading near multi-week highs.
According to Reuters, spot gold fell 0.5 percent to $4,322.28 per ounce. The metal had touched a 7-week peak last week. US gold futures also declined 0.4 percent to $4,381.60 per ounce.
Other precious metals followed the trend. Spot silver was down 0.2 percent at $63.45 per ounce, platinum slipped 0.1 percent to $1,742.50 per ounce, and palladium dropped 1.1 percent to $1,362.97 per ounce.
Market analysts attributed the minor pullback to profit-taking after the recent rally, but said the dip does not indicate a major shift in the overall bullish outlook for gold.
Expectations around a possible US interest rate hike in September also adjusted following weaker US employment figures.
Meanwhile, ongoing geopolitical tensions in the Middle East continued to provide underlying support to gold prices. With international rates easing, traders in Pakistan are now watching how the decline translates into local prices per tola and per 10 grams.
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