Gold Retreats Against Stronger Dollar

Reuters reported that gold pulled back on Monday, nearing a two-week low as the dollar gained momentum on news from the ECB that deposit rates could be cut if necessary.

As quoted in the market report:

Gold dropped more than $18 to $1,429.61 an ounce by 0947 GMT, not far from Friday’s low of $1,420.61, its weakest since April 24. Gold plunged to its lowest level in more than two years at $1,321.35 on April 16 after worries about central bank sales and a drop below $1,500 led to a sell-off that stunned investors. It is down 14 percent on the year.