Gold price slip marginally as Fed points to quicker end to stimulus

Gold prices fell marginally on Monday on fears that the US Federal Reserve will start paring its stimulus this year despite weak jobs data.

The Fed may move to begin reducing its support for the economy next month despite the slowdown in jobs gains last month.

“The US job market will continue to feel the effects of COVID-19, but it is too soon to say it is “stalling,” San Francisco Federal Reserve President Mary Daly said.

Spot gold inched 0.1% lower to $1,754.82 per ounce by 09.50 GMT, while gold futures contracts for December fell 0.1% to $1,754.90.

Silver futures for December fell 0.3% to $22.65 an ounce, while platinum rose 0.3% to $1,031.62.