Gold Retreats as Investors Lock in Profits Ahead of Inflation Data

Gold prices retreated on Monday as investors took profits after the metal reached its highest level in seven weeks. The decline came ahead of US inflation data, which is set to provide clues about the Federal Reserve's interest rate path. Spot gold fell by 0.3% to $4,330.46 per ounce by 04:43 GMT on Monday.

The previous session saw prices reach a seven-week high due to weak US non-farm payrolls data. However, the current market environment has investors awaiting the inflation data for further guidance. The release of this data will likely influence the Federal Reserve's decision on interest rates, impacting the gold price.