Gold reversed course on Monday and pared almost all of Friday's gains after rising more than 1% as risk appetite returned.
US equities posted gains even as US Treasury bond yields moved lower.
Meanwhile, the price of gold is at $2,363.82, which is a slight increase of 0.16% since it opened in the Asian trading session this morning.
Last week's NFP report was somewhat mixed with June's figure beating estimates although posts in April and May predicted that the jobs data would decline.
As a result, the US Unemployment Rate rose higher and prompted speculation that the Federal Reserve (Fed) may cut interest rates earlier than expected.
The value of the yellow metal commodity was affected by the decision of the People's Bank of China (PBoC) to stop its gold purchases in June which currently holds 72.80 million troy ounces.
The yield on the US 10-year Treasury bond fell nearly two basis points to 4.27% and this prompted market participants to predict that the Fed would cut interest rates amid a struggling labor market.
The market now pegs a 73% chance of a Fed rate cut this September compared to last Friday's 71%.
This week, market participants will be looking forward to the semi-annual Congressional Testimony by Fed President Jerome Powell which will provide a picture of the US economic docket and inflation numbers by the producer side.
Initial Jobless Claims and University of Michigan Consumer Sentiment will also be published to round out the schedule.
