Gold continues slide on firm dollar

Gold prices fell on Monday, deepening losses for the second straight day, near falling below the $1,800 mark, weighed down by rising US dollar.

Gold prices fell more than 0.5% to $1,801.75 an ounce, after opening at $1,811.49, and a high at $1,817.36.

Gold lost 0.9% on Friday, its first daily loss in 3 days, and pulled back from a 4-week high of $1,834.14 due to corrections and profit-taking.

Gold prices gained 0.2%  last week, in the fourth straight weekly gain.

The dollar index rose 0.3% today, to head for the third straight daily gain in 3 days against a majority of rivals, and hit a 3-month high at 93.03 points. 

Investors are focused on the US dollar due to growing odds of the Federal Reserve to tighten monetary policy soon, and amid fears of the spread of the new Covid-19 delta strain in most parts of the world.

Gold stocks at the SPDR ETF fell 5.82 metric tonnes on Friday, with the total at the lowest level since May 14 at 1,028.55 metric tonnes.