Gold was steady on Monday and held within sight of a 16-month high hit last week, while a firmer yen put pressure on Tokyo futures. Spot gold was at $699.80/700.30 an ounce, barely changed from $699.90/700.70 late in New York on Friday.
When it rallied to its highest since mid-May 2006 at $707.10 on a falling dollar after US data showed a surprise contraction in US non-farm payrolls for the first time in four years. The benchmark August 2008 gold futures on the Tokyo Commodity Exchange fell 32 yen per gram to 2,561 yen.
The dollar fell against a basket of currencies on Monday as bleak US payrolls data stoked expectations for a hefty Federal Reserve rate cut this month. On Friday's data showing companies cut 4,000 jobs last month, the first such decline since August 2003, prompted investors to see a bigger chance the Fed will cut rates by 50 basis points next week to protect the economy from the housing market crisis.
The dollar fell from late US trade to 112.75 yen, sliding towards a 14-month low of 111.60 yen. The euro edged up to $1.3780, jumping back near a high of $1.3853 hit in July the highest since the single currency was first launched in 1999.
Platinum rose to $1,291/1,296 an ounce from $1,286.10/1,293.10 late in New York. It hit an intrude high of $1,295 an ounce on Monday its highest in five weeks.
Palladium inched up to $333/338 an ounce from $332.50/336.70 an ounce. Silver inched down to $12.50/12.54 ounce from $12.51/12.54 an ounce late in New York on Friday, when it rose to its highest in more than three weeks at $12.67 an ounce.