The gold market remained stable near $2,900 amid a decline in the US dollar and a rebound in US Treasury bond yields after the release of the US NFP report on Friday.
The US Bureau of Labor Statistics (BLS) released the February Non-Farm Payrolls (NFP) report showing a positive economy as the addition of labor compared to January although not hitting the target.
At 8.30 am, the price of gold was at $2,914.76, up 0.18% since it opened in early trading on Monday.
Meanwhile, the unemployment rate remained at a normal level with Fed Governor Adriana Kugler saying that job inflows remained at a good level.
Kugler added that uncertainty is difficult for all parts of the economy. Earlier, he said that monetary policy would remain stable for some time and added that wages were not the cause of inflationary pressure.
In addition, Fed President Jerome Powell maintained his stance that the central bank is in no hurry to cut rates and sees inflation heading towards its 2 percent target.
Looking at geopolitical conflicts, several ceasefire agreements between Ukraine and Russia are starting to work and in the Middle East, Donald Trump continues to pressure Hamas to release hostages.
According to the World Gold Council (WGC), the People's Bank of China (PBOC) has consistently increased its gold holdings with purchases of 10 tons in the first two months of 2025. However, the largest buyer so far has been the National Bank of Poland (NBP) which increased its reserves by 29 tons, the largest purchase since 2019.
