Gold fell on concern gains last week were exaggerated amid prospects for a stronger dollar and declining investor demand.
The
metal rose 1.9 percent on Dec. 26, the biggest gain in more than two
weeks, on speculation that China will take more measures to bolster the
economy. Holdings in SPDR Gold Trust, the largest exchange-traded
product backed by the metal, have dropped to a six-year low and the
Bloomberg Dollar Spot Index is near the highest level in five years.
Gold
for February delivery retreated 0.3 percent to $1,191.90 an ounce at
7:14 a.m. on the Comex in New York. The metal is headed for a second
quarterly loss. Gold for immediate delivery fell 0.3 percent to
$1,192.25 an ounce in London, according to Bloomberg generic pricing.
Silver
for March delivery fell 0.5 percent to $16.07 an ounce in New York.
Platinum for April delivery dropped 0.6 percent to $1,212.90 an ounce,
while palladium for March delivery declined 0.3 percent to $815.90 an
ounce.
Source: Bloomberg
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