The strong dollar is putting pressure on gold in light of the risks of global growth
Gold prices fell on Monday as the dollar rallied strongly below the 19-month high due to safe haven demand amid concerns about a slowdown in global growth as investors waited for signs of US interest rate increases from the Federal Reserve meeting American) scheduled this week.
By 0643 GMT, spot gold fell slightly to $ 1237.71 an ounce. Gold futures in US futures were little changed at $ 1241.4 an ounce.
"The dollar alone is driving gold today," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, India.
"Before the FOMC meeting, we will see some downward movement ... but the fact remains that the potential strength in gold will likely continue."
Markets will closely monitor the future course of monetary policy at a Federal Reserve meeting on December 18 and 19, where the council is set to raise interest rates by 25 basis points.
The dollar index, which tracks the performance of the greenback versus other major currencies, fell below its 19-month high of 97.71 on Friday.
The weaker-than-expected economic data in China and Europe, and concerns about a possible US government shutdown, have improved the appetite for the dollar.
For other precious metals, palladium increased in spot transactions to $ 1244.20 an ounce.
Silver rose 0.1 percent to $ 14.58 an ounce, while platinum fell 0.8 percent to $ 780.65 an ounce.