Gold prices extended their strong rally on Monday as weak U.S. employment data reduced expectations for further Federal Reserve interest rate hikes, while investors turned their attention to upcoming U.S. inflation figures. Spot gold rose 1.1% to $4,389.17 per ounce, while gold futures gained 1.1% to $4,448.55 per ounce. Lower interest rate expectations generally support gold prices because bullion does not generate interest. UBS, meanwhile, maintained its $5,000 gold price target, citing expectations for declining real yields, U.S. dollar weakness and continued central bank gold purchases. With U.S. inflation data and Middle East tensions in focus, gold prices could remain volatile as markets reassess the outlook for Fed monetary policy and global energy supplies.