Gold prices retreated from highs reached on Friday against the weakening of the dollar after a report on US employment.

US Department of Labor announced that in October was created 214,000 jobs, while the expected creation of 229 000 jobs. The US unemployment rate fell to a fresh six-year low of 5.8% from 5.9% in September.

These have forced investors to get rid of the dollar to lock in profits after a recent rally, but did not affect the expectations that the Federal Reserve will raise interest rates earlier than other major central banks.

Fed recently completed its monthly bond purchase program and is expected to raise interest rates now in 2015, although the next possible time lifting borrowing costs remain unclear because of the ambiguity of US data.

Expectations of growth rates on loans are putting pressure on gold as a precious metal hardly competes with the yield of interest-earning assets at higher rates.

American statistics today did not go and investors analyzed Chinese data. Official trade data released over the weekend showed that Chinese copper imports rose in October by 2.6% for the month, to 400,000 metric tons. It was the second consecutive monthly increase and the highest since April.

China's trade surplus widened last month to $ 45.4 billion from $ 31.0 billion in September, while the expected surplus of $ 42.0 billion.

In October, China's exports grew by 11.6% year on year, beating expectations for an increase of 10.6%, while imports rose by 4.6%, although the predicted growth of 5.5%.

Trade data came out before a government report released Monday, said that Chinese inflation in October remained near five-year low of 1.6%, unchanged from September and in line with expectations. Producer price index in October fell more than expected, by 2.2% in annual terms.

The cost of December gold futures on the COMEX today dropped to 1161.00 dollars per ounce.