SAN FRANCISCO (MarketWatch) � Gold futures declined Monday as a rising dollar pressured the metal and gold moved alongside lower U.S. stocks.
Gold for April delivery �declined $15.40, or 0.9%, to settle at $1,724.90 an ounce on Comex division of the New York Mercantile Exchange. It fell by as much as $26.30 to touch a low of $1,714 an ounce earlier.
Gold traded lower Monday �due to dollar strength, oil weakness, and renewed short-term correlation with equities due to concerns about the intractable Greek debt crisis,� said Mark O�Byrne, an executive director at GoldCore.
A deteriorating picture in Greece failed to ignite safe-haven buying in gold. �Momentum traders� were on the sidelines, added George Gero, a vice president at RBC Wealth Management, in emailed comments.
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Gold�s safe-haven appeal had already taken a hit Friday, when upbeat data on U.S. employment helped fuel a drop of $19 for the metal. In the week, gold gained 0.5%. Read more on Friday's gold session.
A stronger dollar added further pressure on Monday.
The dollar index DXY , which measures the greenback against a basket of six currencies, traded at 79.074, from 78.969 in late North American trading on Friday.
A rising greenback is a negative for gold and other dollar-priced commodities as it makes them more expensive to holders of other currencies. Read more on Monday�s currencies trading.
U.S. stocks traded lower and oil also lost as investors kept a worried eye on Greece, where government leaders tried to convince the heads of main political parties to support additional austerity measures, seen as crucial to a deal with Greece�s bondholders and more international financial aid. Read more on Greece.
An agreement wasn�t reached on Monday and talks were postponed till Tuesday.
Across the wider metals complex, silver for March delivery ended flat to settle at $33.75 an ounce.
Copper for March delivery lost 4 cents, or 1%, to $3.86 per pound.
Platinum for April delivery �dropped $2.10, or 0.1%, to $1,629.80 an ounce, while March palladium futures �shed $2.90, or 0.4%, to $705.95 an ounce.
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