The price of gold was extending losses Monday morning, with the US dollar trading steady versus a basket of currencies ahead of this week's economic data.
Gold for June delivery, the most actively traded contract, lost $8.20 to $1,428.40 an ounce. Last week, gold surrendered nearly 2 percent after some upbeat jobless claims data out of the U.S. and the dollar strengthened against a basket of major currencies. Investors opted for the more riskier equity assets supported by the easy monetary policy from central banks, with holdings of the gold-backed exchange-traded fund dropping to a three-year low.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,051.65 tons from 1,054.18 tons.
Meanwhile, the U.S. dollar advanced toward a 5-week high versus the euro and hovering near its 3-week high against sterling. The buck was extending its 4-year high versus the yen, while trading around its 8-month high against the Swiss franc.
In economic news from the euro zone, retail sales in Switzerland declined in March, the latest figures published by the Federal Statistical Office showed. Retail sales, adjusted for working days, declined 0.9 percent year-on-year in March. In seasonally adjusted terms, retail sales fell 0.1 percent.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
From the U.S., the Commerce Department is due to release its retail sales report for April at 8:30 am ET. Economists expect retail sales drop of 0.3 percent month-over-month, while sales, excluding autos, may have edged down 0.1 percent.
