Gold futures fell after rebound attempt

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the precious metal attempted to make a technical bounce.

The most active gold contract for June delivery fell 3.4 U.S. dollars, or 0.27 percent, to settle at 1,253.90 dollars per ounce.

After several days of rising on geopolitical worries, the precious metal has fallen as a technical bounce failed to bring gold higher. Analysts believe that this is a temporary setback for the precious metal, as geopolitical worries continue to impact the market.

Gold was put under pressure as the U.S. Dow Jones Industrial Average rose by 18.68 points, or 0.09 percent as of 1805 GMT. Analysts note that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

The U.S. Dollar Index fell by 0.19 percent to 101.04 as of 1900 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

A report released by the U.S. Federal Reserve showed the Labor Market Conditions Index decreasing to a 0.4 level from a prior revised 1.5 level, a figure which is the result of an experimental composite of 19 components. Analysts note that there are no expectations for this measure because it is experimental, but the decrease is not a positive sign

Traders are waiting for the Job Openings and Labor Turnover Survey report due on Tuesday, import and export prices on Wednesday, weekly jobless claims and producer price index on Thursday, finally the consumer price index and retail sales report on Friday.

Silver for May delivery dropped 23.6 cents, or 1.30 percent, to close at 17.915 dollars per ounce. Platinum for July delivery fell 22.6 dollars, or 2.35 percent, to close at 940 dollars per ounce. Enditem