Gold Prices Slip After Seven-Week Peak Amid US Inflation Data Jitters

Gold prices have eased from their seven-week peak as investors took profits after the previous session's gains, ahead of US inflation data that could provide clues on the Federal Reserve's interest rate path.

Spot gold fell 0.3% to $4,330.46 per ounce by Monday morning GMT, following a 7-week high hit in Friday's trading session after weak US nonfarm payrolls data.

The prices for gold futures also decreased by 0.2% to $4,390.60 on the same day.

Tim Waterer, chief market analyst at KCM Trade, commented that gold is 'edging slightly lower as it succumbs to some profit-taking following last week's strong NFP-inspired gains,' but expects gold to remain supported above the $4,300 level in the near term.