Futures Pros – Gold futures extended losses on Monday, slumping to a six-day low as a broadly stronger U.S. dollar reduced the appeal of the precious metal as an alternative asset. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,417.65 a troy ounce during European afternoon trade, dropping 0.95%. It earlier fell to USD1,415.75 a troy ounce, the lowest price since March 18. The U.S. dollar was boosted by hawkish comments from regional Federal Reserve officials. Philadelphia Federal Reserve Bank President Charles Plosser said the U.S. central bank would have to reverse its loose monetary policy in the "not-too-distant future" to avoid sowing the seeds of inflation. The Fed should hike interest rates from the current range near zero to 2.5% within a year under a plan Plosser unveiled Friday. Plosser's comments were followed by St. Louis Fed President James Bullard, who said on Saturday that lengthening the 'extended period' of low rates could encourage a liquidity trap. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.23% to hit 76.57. Gold prices often move inversely to the U.S. dollar, as gold becomes less expensive for buyers using other currencies. Meanwhile, prices were expected to remain supported by ongoing violence in the MENA region, lingering fears over Japan’s nuclear crisis as well as renewed concerns over the euro zone’s sovereign debt crisis. Commerzbank said in a report earlier, “The demand for gold is currently very robust amid the various crises.” Elsewhere, silver for May delivery plunged 1.76% to trade at USD36.69 a troy ounce, while copper for May delivery tumbled 1.72% to trade at USD4.349 a pound during European afternoon trade.

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