CHICAGO, July 3 (Xinhua)-- Gold futures on the COMEX division of the New York Mercantile Exchange fell 1.86 percent on Monday as the U.S. dollar and stocks rallied.
The most active gold contract for August delivery fell 23.1 U.S. dollars, or 1.86 percent, to settle at 1,219.20 dollars per ounce, reaching a nearly eight-week low.
The U.S. dollar Index went up by 0.58 percent to 96.19 as of 1734 GMT, rebounding from last week's loss.The index is a measure of the dollar against a basket of other major currencies. When the dollar goes up, gold futures will fall.
Gold futures were further dragged down as the U.S. Dow Jones Industrial Average surged by 129.64 points, or 0.61 percent as of 1720 GMT.
Analysts said the rally of U.S. stocks on Monday, during the first session in July and in the second half of 2017, was mostly due to the better performance of energy and financial stocks.
Gains in equities usually curb investment demand for gold.
As for other precious metals, silver for September delivery dropped 53.5 cents, or 3.22 percent, to close at 16.092 dollars per ounce. Platinum for October delivery went down 20.30 dollars, or 2.19 percent, to close at 906.10 dollars per ounce.
