Gold futures met with modest selling early Monday, in part as a leading dollar index gained, though most analysts considered the action to be only a pause for gold’s recent climb.
April gold fell $7, or 0.5%, to $1,315.20 an ounce. The ICE U.S. Dollar Index was up 0.2%, making commodities priced in the greenback less attractive to users of other currencies. And major stock indexes were largely flat as more major earnings reports were awaited.
Gold futures tallied a second weekly climb in a row through last Friday after the Federal Reserve hinted at a pause in interest-rate hikes. U.S. employment data reinforced a picture of a solid labor market, but one that isn’t likely to sway the Fed from its newfound “patient” policy stance, a development that helped to hand gold a solid 3% January gain, its fourth straight monthly advance.
Source : Marketwatch