Gold prices hovered near a more than seven-week high on Monday, supported by a weaker dollar and lower US Treasury yields ahead of key US jobs data. Spot gold rose 1 per cent to $4,344.40 an ounce by 0656 GMT, after hitting its highest level since October 21 on Friday. US gold futures gained 1.1 per cent to $4,377.40. The dollar lingered near a two-month low reached last week, boosting the appeal of bullion for overseas buyers, while benchmark 10-year US yields edged lower. Markets remain focused on the Federal Reserve's policy outlook after last week's 25-basis-point rate cut, accompanied by signals of a possible pause amid sticky inflation and uncertainty over the labour market. Investors are currently pricing in two rate cuts next year, with this week's non-farm payrolls report seen as a key test. Silver climbed 2 per cent to $63.23 an ounce, remaining below Friday's record peak of $64.65. Despite gains of more than 115 per cent so far this year, concerns persist over stretched valuations relative to gold and the potential easing of supply tightness. Elsewhere, spot platinum slipped 0.4 per cent to $1,738.23, while palladium rose 2.9 per cent to $1,531.28 an ounce. Attribution: Reuters
