Gold Prices Slip From Seven-Week High Amid Profit-Taking

Gold prices slipped on Monday after reaching a seven-week high in the previous session. The decline comes as investors take profits, but analysts see this as a natural stabilization rather than a shift in sentiment.

Spot gold fell 0.5% to $4,322.28 per ounce, while US gold futures dropped 0.4% to $4,381.60 on Monday.

Tim Waterer, chief market analyst at KCM Trade, said the current price levels should remain supported above $4,300 in the near term.

The decline is attributed to profit-taking after weaker-than-expected US jobs data was released last week.