FUNDAMENTALS
* Spot gold was down 1.1% at $2,305.09 an ounce, at 0109 GMT, after hitting a record high of $2,330.06 on Friday.
* US gold futures edged down 0.9% to $2,324.20 an ounce.
* The dollar gained 0.1% against its rivals, making gold less attractive to other currency holders, while benchmark US 10-year Treasury yields also rose slightly. .
* U.S. job growth beat expectations in March and wages rose at a steady pace, suggesting the economy finished the first quarter on strong footing and could delay rate cuts interest rates forecast by the Federal Reserve this year.
* Minneapolis Fed President Neel Kashkari said last week that at last month’s U.S. central bank meeting he had forecast two interest rate cuts this year, but that if inflation continues to stagnate, none may be needed by the end of the year. * Higher interest rates reduce the attractiveness of holding gold without yield. * Meanwhile, demand for physical gold in India remained tepid last week as a meteoric rise in domestic prices discouraged buyers, while premiums remained firm in major consumer China.
* Asian markets aim to kick off a week filled with leading local economic indicators and policy decisions in an optimistic mood
* US Treasury Secretary Janet Yellen raised concerns about China’s excess industrial capacity with Chinese Premier Li Qiang.
* Spot silver fell 1.9% to $26.95 an ounce, platinum edged down 0.5% to $922.80 and palladium lost 1.3% to 989.75 $.
