Gold futures posted a second straight session decline on Monday, in part as a leading dollar index gained, though bullish analysts considered the metal’s action to be only a pause in its recent uptrend.
April gold fell $2.80, or 0.2%, to settle at $1,319.30 an ounce. Prices based on the most-active contracts, however, rose 1.9% last week. The ICE U.S. Dollar Index was up 0.3% Monday, making commodities priced in the greenback less attractive to users of other currencies. And major stock indexes traded higher as gold futures settled.
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