Gold is down 1% after the US jobs data

Gold prices fell by 1 percent to below $2,000 on Monday after US jobs data showed continued strength in the labor market, which reinforced expectations that the Federal Reserve would raise interest rates again in May.

Spot gold fell 0.8 percent to $1,992.97 an ounce by 0613 GMT. US gold futures fell 0.9 percent to $2,007.80.

And the dollar index rose 0.1 percent, making the precious metal more expensive for buyers abroad.

Data published by the US Labor Department on Friday showed non-farm payrolls increased by 236 thousand jobs in March, compared to expectations of 239 thousand. The data also showed that the unemployment rate fell to 3.5 percent, compared to 3.6 percent in the previous month.

Gold is often seen as a hedge against inflation, but higher interest rates increase the opportunity cost of holding this non-yielding asset.

As for other precious metals, spot silver fell 1 percent to $24.75 an ounce, while platinum fell 0.7 percent to $1,000.78, and palladium fell 0.1 percent to $1,464.79.

It should be noted that the Australian, Hong Kong and European markets are closed on Monday due to the Easter holiday.