The price of gold once again strengthened its position at the $1,800 level as the dollar weakened again after the publication of the United States (US) employment data.
The gold spot price as of writing was up 0.24% at $1,802.71 an ounce, compared to a post of $1810.23 at midday.
The day's US Labor Department data showed job gains for November and average earnings rose, pushing the dollar to as high as $105.59 last Friday.
When the data was released, the price of gold dropped to around $1,778 before rising again a few hours later until the trading session resumed at the opening of today.
This is because the data reading is not considered strong enough to stop the Federal Reserve (Fed) from slowing its interest rate hikes starting this month, and it clearly favors the gold commodity.
Last week, Fed President Jerome Powell issued a dovish statement on the prospect of policy tightening which cheered investors as inflation rates eased slightly last month.
Meanwhile, the London Bullion Market Association is said to be creating a database of Russian gold bullion held by banks in London.
It was followed up to prevent sanctions by Russian companies or the Russian central bank.
Additionally, demand for physical gold in India stalled last week due to high prices while premiums fell among Chinese consumers as Covid-19 restrictions dampened economic activity.
