Gold slides from daily highs, but hovers around $1710 level

Gold price hardly slides 0.13%, weighed by higher US Treasury bond yields and the strength of the US dollar.

Gold price losses some of its brightness at the beginning of the week, down by 0.49%, in a thin liquidity trading day, with US markets, closed in the observance of Labour day. At the time of writing, the XAU/USD is trading at $1710 a troy ounce.

Monday’s market sentiment includes tensions arising due to the energy crisis in Europe and Gazprom’s decision to halt natural gas through the Nord Stream 1 pipeline. The headline crossed newswires after a G7 reunion put a lid on Russian oil prices.

The US Dollar Index has gained 0.20%, impacting gold price, up at 109.826. The US 10-year note rate followed suit, gaining four bps at 3.231%.

Last week’s employment figures, released on Friday by the US Department of Labor, revealed that the US economy added 315K jobs in August, higher than forecasts to 298K. Although it was a positive reading, reinforcing the case for the Fed going 75 bps, the previous two months were downward revised by 107K.