Ammon News - Gold prices dropped on Monday, pressured by thin trading volumes as U.S. and China markets remained shut due to local public holidays, while some traders booked profits after last session's 2.5% jump.

Spot gold fell 1.1% to $4,988.04 per ounce by 0359 GMT. U.S. gold futures for April delivery lost 0.8% to $5,006.60 per ounce.

Market participants anticipate the central bank to hold interest rates at its next meeting on March 18. Still, they are pricing in 75 basis points in rate cuts this year, with the first expected in July, according to data compiled by LSEG.

Spot silver fell as much as 3.2% to $74.50 per ounce, after a 3% rise on Friday.

Spot platinum slipped 0.4% to $2,054.78 per ounce, while palladium lost 0.2% to $1,682.44.

Reuters