Gold prices continued to plunge on Monday as profit-takers took advantage of record highs. A stronger dollar reduced gold's hedge appeal.
December gold dropped to $1,139.40 per ounce, down $29.40 on the session. The metal hit as low as $1,136.30.
Gold reached a record high of $1,226.40 on Thursday but then lost more than $40 on Friday. The metal finished a volatile week down $5.80 per ounce.
The dollar rose to its highest level in more than a month versus the euro, moving further away from the 16-month low seen last week. The buck hit a 10-day low versus the pound.
Traders awaited remarks from Federal Reserve Chairman Ben Bernanke at the Economic Club of Washington, set to begin at 12:00 p.m. ET. The Fed chief will discuss Fed policy and economic outlook.
The consumer credit report for October is slated to be released by the Federal Reserve at 3 p.m. ET. Economists expect the report to show a decline of $9.3 billion for the month.
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