After the US jobs report dashed expectations that the Federal Reserve would cut short-term interest rates, the price of gold fell at the start of the week.

Spot gold was down 0.3% at $2,053.50 per ounce at 0420 GMT. U.S. gold futures fell 0.2% to $2,049.10 per ounce. Traders are betting on four quarter-point Fed rate cuts for 2024, up from six last Monday. According to Matt Simpson, a senior analyst at City Index, “Major speculators and managed funds have reduced long-term exposure to gold futures for a fourth week... and with Jerome Powell reiterating three rate cuts for the year, it remains questionable whether gold can recover

Spot silver fell by 0.4% to $22.58 per ounce, palladium fell by 1.2% to $935.56, while platinum rose by 0.3% to $893.19.