The price of gold dipped to a fresh two-year low Monday morning amid a generally steady US dollar.
Gold for June delivery, the most actively traded contract, lost $15.10 to $1,349.60 an ounce. Last week, gold dived 5 percent after San Francisco Federal Reserve President John Williams indicated that the Fed may slow the pace of its asset purchases as early as this summer if labor market indicators continue to improve.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 1,038.41 tons from 1,041.42 tons.
Meanwhile, the U.S. dollar was hovering near its 6-week high versus the euro and sterling. The buck was steady near its 4-year high versus the yen, while trading around its 10-month high against the Swiss franc.
In economic news from the euro zone, Italy's industrial new orders grew 1.6 percent in March from the prior month, due to a 3.6 percent rise in non-domestic demand, data from the statistical office Istat revealed. Orders from domestic market increased only 0.2 percent.
Elsewhere, the prices of silver and platinum were moving lower morning deals.
From the U.S., the Chicago Federal Reserve is due to release its monthly index measuring overall economic activity at 8:30 am ET.
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