Gold Prices Hold Steady After Reaching Seven-Week High

Gold prices held steady in early Asian trade on Monday after reaching a seven-week high on Friday. The precious metal was little changed at $4,339.59 per ounce as of 0017 GMT, following a more than 7% gain last week.

The surge in gold prices came after weaker-than-expected US jobs data reduced expectations for interest rate hikes. The Federal Reserve Bank of Richmond President Thomas Barkin said that hiring data for July represented a continuation of recent trends.

Investors are now waiting for key inflation reports due this week, which will provide clues on interest rates. The Consumer Price Index (CPI) and the Producer Price Index (PPI) are scheduled to be released later this week.