* China’s imports grow at fastest pace in a decade
* Spot gold may retreat into $1,864-$1,877/oz range - Technicals
* U.S. 10-year yields hover near 1-week low (Adds details, chart, and updates prices)
June 7 (Reuters) - Gold prices dipped on Monday, as an uptick in the dollar dimmed the appeal of the safe-haven metal, although a pullback in U.S. Treasury yields and prospects of a prolonged accommodative interest rate environment limited losses.
Spot gold was down 0.4% at $1,883.10 per ounce, as of 0637 GMT, after rising more than 1% in the previous session, as last month’s U.S. non-farm payrolls fell short of expectations.
U.S. gold futures eased 0.3% to $1,886.
“We are seeing some long covering in Asia today, with risk hedges being unwound after an uneventful news weekend, helped by a slightly stronger U.S. dollar and with bitcoin rallying,” Jeffrey Halley, OANDA senior market analyst, said.
“Although gold has corrected in recent sessions, the bullish fundamentals remain in place. Only a sharp steepening of the U.S. yield curve is likely to change that.”
The dollar index strengthened 0.1% against its rivals, making gold more expensive for holders of other currencies.
Meanwhile, a weaker-than-expected U.S. monthly jobs report calmed investor fears about the Federal Reserve reining in monetary stimulus soon.
The benchmark 10-year yield slipped below 1.6% and was hovering near a one-week low.
China’s imports in May grew at their fastest pace in 10 years, fuelled by surging commodity prices, while export growth missed expectations, customs data showed on Monday.
Investors focus has now shifted to U.S. consumer price report and European Central Bank policy meeting due later this week. Some investors view gold as a hedge against higher inflation that could follow stimulus measures.
Democrats will start preparing an infrastructure bill later this week for a vote in the U.S. House of Representatives, with or without Republican support, U.S. Energy Secretary Jennifer Granholm told CNN.
Spot gold may retreat into a range of $1,864 to $1,877 per ounce, according to Reuters technical analyst Wang Tao.
Silver dipped 1% to $27.51 per ounce, palladium was steady at $2,846.37, while platinum fell 0.1% to $1,161.32.
Reporting by Brijesh Patel in Bengaluru; Editing by Ramakrishnan M. and Sherry Jacob-Phillips