Gold prices fell on Monday, after slumping more than 4% in the previous session, as the dollar strengthened and U.S. Treasury yields remained elevated, denting the non-yielding metal’s appeal.

A stronger dollar makes bullion more expensive for holders of other currencies, while higher bond yields increase the opportunity cost of holding the non-interest yielding gold.

The U.S. economy shed jobs for the first time in eight months in December as the country buckled under an onslaught of COVID-19 infections.

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