While U.S. employment data reinforces bets for a cut in interest rates, the price of gold fell on Monday as bets strengthened for a cut in U.S. rates in November after a surprisingly strong jobs report.

Spot gold fell 0.2% to $2,647.43 per ounce at 0211 GMT. US gold futures were unchanged at $2,666.80

Traders now see a 93.4% probability that the Fed will cut rates by only a quarter of a percentage point in November, according to the CME's FedWatch tool. They reduced expectations of a 50 basis point reduction to 0% from 28%.

Bullion tends to be a preferred investment in an environment of low interest rates and in times of political and economic uncertainty.

This week, market participants will focus on the minutes of the latest Fed monetary policy meeting, as well as on data related to the Consumer Price Index (CPI) and the Producer Price Index (CPI) in the United States. Several US central bank officials will also be speaking this week.

In addition, China's gold holdings stood at 72.8 million ounces of fine gold at the end of September, for the fifth consecutive month, for the fifth consecutive month, according to the data.

Cash held steady at $32.17 per ounce. Platinum gained 0.5% to $989.36 and palladium rose 1% to $1,022.20