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Gold futures struggle for direction amid U.S. rate hike uncertainty

© Reuters. Gold swings between gains and losses amid uncertain U.S. rate hike outlook - Gold futures struggled for direction on Monday, amid ongoing uncertainty about whether the Federal Reserve will increase interest rates later this month.

for December delivery on the Comex division of the New York Mercantile Exchange inched up 20 cents, or 0.02%, to trade at $1,121.60 a troy ounce during European morning hours. U.S. markets will be closed on Monday for the Labor Day holiday.

On Friday, gold dropped $3.10, or 0.28%, after mixed U.S. payrolls data failed to quell uncertainty over the prospect of a near-term interest rate hike from the Federal Reserve.

The Labor Department reported that the U.S. economy added 173,000 jobs last month, below forecasts for an increase of 220,000 and slowing from gains of 245,000 a...