Gold prices deflated Monday as renewed buying interest on Wall Street sapped demand for the precious metal. Oil and grain prices rose.
Stocks soared Monday as investors cheered positive news on the housing and banking industries - two areas that have been at the center of the economy's troubles. The Dow Jones industrial average jumped 235 points, while broader stock indexes rose more than 3 percent.
The buying followed a decline last week that was fed by fears that the economy may not heal as quickly as hoped. Those concerns helped push gold prices up 1.8 percent last week.
"With crude up (and) the stock market up it seems like people abandoned the gold market here after coming in late last week," said Stephen Platt, an analyst with Archer Financial Services. "The market is pretty much moving in an inverse relationship with equities."
Gold for June delivery slipped $9.60 to settle at $921.70 an ounce on the New York Mercantile Exchange.
Other metals were mixed. July silver fell 18 cents to $13.83 an ounce, while July copper futures rose 5.45 cents to $2.0720 a pound.
Oil prices more than recouped the previous session's losses and moved higher as investors placed bets ahead of the summer driving season, which kicks off this weekend with the Memorial Day holiday.
Light, sweet crude for June delivery jumped $2.69 to settle at $59.03 a barrel.
In other Nymex trading, gasoline for June delivery jumped 7.75 cents to settle at $1.7581 a gallon and heating oil gained 5.7 cents to settle at $1.4757 a gallon.
Grain prices rose on the Chicago Board of Trade.
July wheat futures added 13 cents to $5.9050 a bushel, while corn for July delivery rose 4.25 cents to $4.2150 a bushel.
July soybeans gained 16 cents to $11.4650 a bushel.
