Gold Price Forecast: XAU/USD edges lower below $2,400, PBoC refrains from gold purchases for second month

• Gold price edges lower to $2,385 in Monday’s early Asian session. 
• US Nonfarm Payrolls increased by 206K in June versus 218K prior, above the expectation of 190K.
• The Chinese central bank refrained from gold purchases for a second month, dragging the yellow metal price lower. 

Gold price (XAU/USD) attracts some sellers near $2,385, snapping the three-day winning streak during the early Asian trading hours on Monday. The downtick of the yellow metal is backed by the modest rebound of the Greenback and the Chinese central bank paused Gold buying for the second month. However, the safe-haven flows amid the political uncertainty might lift the precious metal. 

US Nonfarm Payrolls (NFP) employment increased by 206K in June, above the expectation of 190K. The growth was lower than the previous reading of 218K, according to the US Bureau of Labour Statistics (BLS) on Friday. Meanwhile, the Unemployment rate ticked up from 4.0% in May to 4.1% in June. Finally, Average hourly earnings rose 0.3% MoM in June, matching expectations.