Gold resumed its drop from one-year high hit on Friday, with some tendency towards more risk appetite as Asian shares rose, while the dollar’s rebound dented the appeal of the metal as an alternative investment.
The precious metal climbed to a low of $1207.54 an ounce, while currently trading around lower $1208.30 from the session’s opening at $1235.05.
Gold faced some selling pressure after hitting a peak of $1263.09 on February 11, yet it locked its fourth consecutive weekly gain the previous week.
The sentiment showed some improvement on Friday, with the release of upbeat U.S. retail sales data and rebound on oil prices from near 12-year lows.
U.S. retail sales advanced 0.2 percent in January, beating forecasts of 0.1 percent rise, reflecting improvement in consumer spending.
Crude oil rose on Monday to trade around $29.47 a barrel, extending its gains for a second straight session.
U.S. S&P 500 index climbed 1.95 percent on Friday, rebounding from its lowest close in nearly two years.
Japan’s Nikkei 225 index edged up 7.16 percent today, rebounding sharply from its lowest level in 16 months.
The U.S. dollar soared for a second straight session to trade around 96.37, after falling to a five- month low of 95.27 last week.
Later in the week, the Federal Reserve will publish its minutes for January’s policy meeting that included no change in interest rates.
