Gold prices inched lower in early trading on Monday morning after rising in their three previous sessions.
April gold fell to $925.70, down $4.40 for the session. Prices hit as low as $921.90 earlier in the day.
The metal gained more than $40 in the recent three-day rally. For the week, gold closed lower by $1.60. Before the rally, gold had dropped in 10 of 12 sessions since crossing above $1,000 on Feb. 20.
Oil prices also moved to the downside, hurting gold's hedge value. Light sweet crude for April delivery dropped $1.40 to $44.85 per barrel.
The dollar fell to a fresh five-week low against the euro as the higher-yielding currency continued to attract interest. The buck reached an 11-day low versus the pound.
On the economic front, a New York Federal Reserve report showed that the general business conditions index fell to a fresh low of negative 38.2 in March from a negative 34.7 in February, with a negative reading indicating contraction in the sector. Economists had expected the index to edge up to a negative 32.0.
