Gold prices took a mild step back on Monday, easing to around $3,360 as the market caught its breath following Friday’s explosive rally. The retreat came as traders booked profits after the metal surged 2.2% — its biggest single-day gain since early June — driven by a weaker-than-expected U.S. jobs report that reignited hopes for a Federal Reserve rate cut.
With no new data or major macro triggers to digest, bullion’s pullback looked more like a pause than a pivot. Market participants spent the morning sifting through Friday’s economic dump, recalibrating expectations for monetary policy. The broad consensus: Friday changed the tone, but Monday wasn’t the day to push forward.
Despite the breather, gold remains up roughly 2.5% since last Monday, signaling that investor demand is intact. Traders are now eyeing upcoming inflation figures and Fed commentary for clues on whether the rate-cut narrative gains further traction.
In the meantime, technical support near $3,340 is holding firm, while resistance looms just below the recent highs around $3,390. A breakout above that zone could invite fresh momentum buyers, especially if bond yields retreat further or the dollar weakens. Until then, gold may drift sideways — quietly bracing for its next macro catalyst.
