Gold Prices Tumble as US Employment Data Weighs on Dollar

Gold prices declined at the start of the week, moving away from its highest level since June 17. The disappointing US Nonfarm Payrolls (NFP) report released on Friday showed that the economy lost 23K jobs in July, with a downward revision to 20K for the previous month's reading.

This unexpected decline in employment data weighed heavily on the US Dollar and provided a goodish lift to gold. However, uncertainties surrounding the Middle East crisis and the reopening of the Strait of Hormuz offered some support to the safe-haven Greenback.

Iran reiterated its conditions for a full reopening of the critical waterway, including an end to the US naval blockade, removal of sanctions, and compensation for war damage. Tehran has ruled out direct talks with the US, citing alleged violations of the interim peace agreement reached in June.