Gold Below $1190 on Strong Dollar

Gold settled lower on Monday, after gaining as much as 1 percent earlier in the session, as the dollar recovered from morning losses.  U.S. gold futures for August delivery closed down $1,188.40 an ounce. Spot gold rose to a session high of $1,201.99 an ounce and was down 0.1 percent at $1,189 an ounce. It posted a second consecutive weekly fall last week, hitting a three-week low of $1,180.50 on Thursday.

The dollar rose 0.5 percent versus a basket of leading currencies. It fell earlier after U.S. data suggested the economy was growing moderately early in the second quarter.

The week will continue with a number of economic pointers culminating with the jobs report on Friday, which investors will peruse for clues on the timing of a rate hike.


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