Gold Prices Slip Amid Profit-Taking Ahead of Key Inflation Data

Gold prices softened on Monday after investors took profits from last week's gains. The metal had hit its highest level in seven weeks, driven by weak US nonfarm payrolls data.

Spot gold fell 0.3% to $4,330.46 per ounce as of 0443 GMT. Tim Waterer, chief market analyst at KCM Trade, said that gold was edging slightly lower due to profit-taking but expected it to remain supported above the $4,300 level in the near term.

The US inflation data scheduled for release this week will provide key clues on the Federal Reserve's interest rate path. Weak readings could strengthen the case for a rate hold and clear a path for further upside in gold, according to Waterer.