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The price of gold was extending losses Monday morning amid a generally steady US dollar and as holdings of the biggest bullion-backed exchange-traded fund fell the most in three weeks.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, edged down to 852.21 tons form 856.71 tons.
Gold for December delivery, the most actively traded contract, were down $13.10 to $1,231.00 an ounce. Last week, gold lost over 3 percent on some upbeat economic data out of the U.S., and as the Federal Reserve policy review Wednesday hinted at a possible taper to its quantity easing program sooner than later.
This morning, the U.S. dollar was hovering around its 2-week high versus the euro and trading firm against sterling. The buck advanced toward a 6-month high versus the yen and trading firm against the Swiss franc.
In economic news from the euro zone, business sentiment among French manufacturers remained unchanged at 98 in November, survey data from the statistical office Insee revealed. The reading was forecast to drop to 97. The balance of opinion on personal production expectation dropped again, to 1 from 8 a month ago.
Elsewhere, the prices of silver and platinum were trading mixed in morning deals.
From the U.S., the National Association of Realtors will release its pending home sales index for October at 10 a.m ET. Economists expect the index to have risen by 1.1 percent month-over-month in October.
