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Gold futures on the COMEX division of the New York Mercantile Exchange on Monday pulled back from last Friday's strong rally, as the U.S. dollar rebounded and the Dow and S&P set new intraday record highs.
The most active gold contract for December delivery fell 10 U.S. dollars, or 0.85 percent, to settle at 1,159.8 dollars per ounce.
Gold futures came under pressure from a stronger U.S. dollar which cooled investors' demand for the precious metal. The dollar on Monday appreciated against the euro and the Japanese Yen in New York market.
Meanwhile, U.S. stocks gained momentum in the morning session Monday with the Dow Jones Industrial Average and the S&P 500 hitting all-time intraday highs of 17,618.46 points and 2,038.70 points, respectively, which also pushed away investments from the safe-haven asset.
Gold prices rebounded from its lowest levels in four years and a half last Friday, as the U.S. dollar went down on worse-than- expected nonfarm payrolls data.
Analysts said that gold prices could see a spike in volatility at the end of the month when Swiss voters go to the polls to decide whether the Swiss National Bank would have to hold at least 20 percent of its assets in the precious metal.
Silver for December delivery lost 4.3 cents, or 0.27 percent, to close at 15.671 dollars per ounce. Platinum for January delivery lost 5.9 dollars, or 0.49 percent, to close at 1,206.9 dollars per ounce.
