Gold prices dipped on Monday as the U.S. dollar soared to an over two-year high after a robust jobs report last week cemented expectations the Federal Reserve will proceed with caution with cutting interest rates this year.

The latest inflation report slashed the risk that the Fed could go back to hiking interest rates this year, Wall Street strategists say.

Gold prices surged to a one-month peak on Thursday, nearing $2,700 per ounce, as softer U.S. inflation data fueled hopes of lower interest rates in 2025. Spot gold rose to $2,697.45 an ounce, while February gold

Gold prices firmed on Wednesday as the U.S. dollar and Treasury yields retreated, while market participants awaited U.S. inflation data for clues on the Federal Reserve's interest rate strategy. Spot gold gained 0.