Gold prices slipped more than 1% on Monday as the dollar and Treasury yields held firm after strong U.S. data heightened doubts on whether the Federal Reserve would deliver three interest rate cuts this year. Spot gold was down 1.1% at $2,305.09 per ounce, after hitting a record high of $2,330.06 on Friday. U.S. gold futures edged 0.9% lower to $2,324.20 per ounce. The dollar gained 0.1% against its rivals, making gold less attractive for other currency holders, while benchmark U.S. 10-year Treasury yields also edged higher. U.S. job growth blew past expectations in March and wages increased at a steady clip, suggesting the economy ended the first quarter on solid ground and potentially delaying anticipated Federal Reserve interest rate cuts this year. Minneapolis Fed President Neel Kashkari said last week that at the U.S. central bank's meeting last month he penciled in two interest rate cuts this year but if inflation continues to stall, none may be required by year-end. Higher interest rates reduce the appeal of holding non-yielding gold. Meanwhile, physical gold demand in India remained tepid last week as a blistering rally in domestic prices put off buyers, while premiums held firm in top consumer China. Asian markets aim to kick off a week jam-packed with top-tier local economic indicators and policy decisions in optimistic mood

U.S. Treasury Secretary Janet Yellen raised her concerns about China's excess industrial capacity with Chinese Premier Li Qiang.