Gold futures settled sharply lower on Monday, as analysts blamed the first price decline in four sessions on investors showing a hankering for stocks and other riskier assets.
Gold futures for April delivery slumped $20.70, or 1.7%, to settle at $1,210.10 an ounce, while March silver shed 18.9 cents, or 1.2%, to $15.184 an ounce. Both precious metals appeared to retreat after enjoying recent haven bids during earlier worries about the global economy.
U.S. equities were moving sharply higher as gold prices settled, with oil futures on rise. European and Asian equities also advanced.
Analysts at Commerzbank noted that gold ETFs on Friday saw their biggest daily inflow since October 2011.