Today's Edition
(REUTERS)
Gold prices dropped on Monday, pressured by thin trading volumes as US and China markets remained shut due to local public holidays, while some traders booked profits after last session's 2.5% jump.
Spot gold fell 1.1% to $4,988.04 per ounce by 0359 GMT. US gold futures for April delivery lost 0.8% to $5,006.60 per ounce.
"Gold has given back some of Friday's post-CPI gains today due to thinner trading conditions and a lack of fresh upside catalysts," said Tim Waterer, KCM chief analyst, and also pointed to profit-taking on the day.
US markets are closed for the Presidents' Day holiday, while markets in China are closed for the Lunar New Year holiday.
The Consumer Price Index rose 0.2% in January after an unrevised 0.3% gain in December, the Labor Department's Bureau of Labor Statistics said on Friday.
Market participants anticipate the central bank to hold interest rates at its next meeting on March 18.
Still, they are pricing in 75 basis points in rate cuts this year, with the first expected in July, according to data compiled by LSEG.
Non-yielding bullion tends to do well in low-interest-rate environments.
Spot silver fell as much as 3.2% to $74.50 per ounce, after a 3% rise on Friday.
Spot platinum slipped 0.4% to $2,054.78 per ounce, while palladium lost 0.2% to $1,682.44
