Gold prices surged on Monday, adding to gains from the previous session despite mixed U.S. job market figures. This reinforced views that the Federal Reserve will maintain its current policy of keeping interest rates unchanged.

Spot gold edged up by 0.2% to $1,944.80 per ounce, meanwhile gold futures advanced by 0.2% to $1,970.95 per ounce.

Because of the expectation of smaller rises in opportunity cost, the greenback and Treasury yields were affected, which helped the price of gold rise.

The focus is now on additional economic data from China this week, as well as any additional hints on the American economy and potential rate increases. However, due to a U.S. market holiday, trade in the metal markets is anticipated to be relatively constrained on Monday.

Over the past week, the price of gold rose sharply as a number of mixed U.S. economic indicators revealed that the Fed likely has limited capacity to continue raising interest rates. The unemployment rate increased in August along with an increase in nonfarm payrolls.

The markets are now anticipating a series of Fed speakers this week for additional monetary policy indications as well as other signs regarding the largest economy in the world.