Gold prices trim losses after falling to 4-month low

Gold prices pared losses on Monday, after falling more than 4% to its lowest level in four months, as US jobs data exceeded expectations in July.

The strong data raised concerns about a sooner-than-expected rate hike, sending investors scrambling to dump non-interest bearing bullion.

Spot gold decreased by 0.99% to reach $1745.53 per ounce, after it fell earlier today, Aug. 9, to $1,684.4 - the lowest level since March 31.

Gold futures contracts for December delivery declined 0.9%, or $17.3, to reach $1,745.8 per ounce, by 09:11 am Makkah time.

Elsewhere, silver futures for September delivery fell 1.5% to $23.95 an ounce, after falling by about 7.5% to their lowest level in more than eight months at $22.5 earlier today.

Spot price for platinum delivery decreased by 0.28% to reach $980.78, while palladium rose by 0.23% to reach $2,634.92.