Penalized by low trade volumes, Gold prices fell on Monday. American and Chinese markets remain closed due to local holidays, while some traders took their profits after the 2.5% increase recorded in the previous session.

The spot gold price fell by 1.1% to $4,988.04 per ounce at 03:59 GMT.

American gold futures for deliveries in April fell by 0.8% to $5,006.60 per ounce. “Gold has erased some of the gains recorded on Friday after the publication of the CPI, due to a lower volume of trade and the absence of new catalysts for upside,” said Tim Waterer, chief analyst at KCM, who also mentioned profit-taking during the session.

The consumer price index increased by 0.2% in January after an unrevised rise of 0.3% in December, said Friday the Bureau of Labor Statistics of the Department of Labor.

The cash price dropped to 3.2% to reach $74.50 per ounce, after rising 3% on Friday.

The spot turntable fell by 0.4% to 2,054.78 dollars per ounce, while the palladium lost 0.2% to $1,682.44.