Gold rebounds above $4,100 as traders await U.S. inflation data after jobs beat

Gold prices rose above $4,100 an ounce on Monday, after U.S. employment data surpassed expectations. Investors are monitoring the potential for further Federal Reserve rate hikes following the midterm elections. Spot gold surged 0.8% to $4,104.30, while U.S. gold futures gained 0.9% to $4,112.40. Silver and platinum also climbed by 1.6% and 1.5% respectively, while palladium saw a 2.1% increase.

The U.S. dollar index fell 0.1% to 102.22. Gold experienced a 0.4% drop on Friday following strong employment data, which suggested the Federal Reserve might raise rates further to combat inflation. Earlier this month, gold rebounded above $4,000 following mid-term elections, as Treasury yields and oil prices declined, thanks to the expectation of a post-election, divided government and reduced spending. Despite this, gold remains around 20% below its pre-Iran conflict level.