By Chris Oliver HONG KONG (MarketWatch) -- Gold futures rebounded in Asian trading hours on Monday after a soft U.S. jobs report Friday and concerns of a global selloff in risk markets this week stirred expectations for new rounds of policy easing. Gold for June GCM2 +0.87% delivery was up 0.7% or $11.50, at $1,641.80 per ounce. Silver for May SIK2 +0.38% deliver was up 0.5%, or 17 U.S. cents, to $31.90 an ounce. In a note released Sunday, United-ICAP warned of a possible harsh opening for global stock markets this week, noting "all possible red lights are flashing warning signals." The group said it viewed recent developments in the commodity markets as troubling, noting copper appeared poised for a sharp break lower, while crude oil was also beginning to flash indications that its seasonal rally was beginning to weaken. United-ICAP analyst Walter J. Zimmerman said in the note that strength in the U.S. dollar may augur for a general retreat in risk assets. "Everything else looks like it is about to deflate. This is the nightmare of central banks everywhere," Zimmerman said. Meanwhile, investors in China turned to gold as an inflation hedge after data released earlier Monday showed consumer prices in March were up 3.6% on year, accelerating from a 3.2% rise in February and above the 3.3% expected by economists polled by Dow Jones Newswires.

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