Gold futures declined on Monday, with prices down a third straight session. Gold fell based on the belief that the March U.S. jobs data released at the end of last week will prompt the Federal Reserve to keep hiking interest rates, at least by a quarter point at their May meeting, said Brien Lundin, editor of Gold Newsletter, in market commentary. “In reality, the rest of the economic data are pointing toward a significant slowdown, and providing more reasons for the Fed to pause.” The next key data point will come Wednesday with the CPI report, so “I’m not expecting the volatility to go away,” he said, adding that the inflation report “could just as easily send metals prices soaring.” On Monday, gold for June delivery GCM23 fell $22.60, or 1.1%, to settle at $2,003.80 an ounce on Comex. Prices for the contract fell Wednesday and Thursday. There was no trading for Comex gold on Good Friday.
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