Jan 11 (Reuters) - Gold prices fell on Monday, after slumping more than 4% in the previous session, as the dollar strengthened and U.S. Treasury yields remained elevated, denting the non-yielding metal's appeal.
FUNDAMENTALS
* Spot gold XAU= was down 0.2% to $1,844.51 per ounce by 0044 GMT, after having touched its lowest since Dec. 15 on Friday. U.S. gold futures GCv1 gained 0.5% to $1,844.
* U.S. Treasury yields held firm after a plunge in payrolls last month raised expectations of more federal spending to aid the virus-battered economy, helping the dollar .DXY rise 0.2% against rival currencies. US/ USD/
* A stronger dollar makes bullion more expensive for holders of other currencies, while higher bond yields increase the opportunity cost of holding the non-interest yielding gold.
* The U.S. economy shed jobs for the first time in eight months in December as the country buckled under an onslaught of COVID-19 infections. U.S. President-elect Joe Biden said the U.S. jobs report issued on Friday shows Americans need more immediate relief now and that taking action now will help the economy even with deficit financing. U.S. House Speaker Nancy Pelosi told lawmakers late Sunday that they would call on Vice President Mike Pence and the cabinet to remove President Donald Trump from office before moving to impeachment. Physical gold discounts slipped to their lowest since June in top consumer China last week, as a stronger yuan encouraged some buying. Speculators upped their bullish positions in COMEX gold and silver contracts in the week to Jan. 5, data showed on Friday. Silver XAG= declined 1% to $25.12 an ounce, having plunged as much as 9.8% on Friday.
* Platinum XPT= fell 1.5% to $1,048.61, while palladium XPD= shed 0.1% to $2,368.31.