• Spot gold was down 0.5 percent at $1,342.56 an ounce by 2:05 p.m. EST (1905 GMT), while U.S. gold futures for February delivery settled down $11.80, or 0.9 percent, at $1,340.30.
• Gold has risen more than 3 percent this month, and after a strong end to December touched its highest since August 2016 last week at $1,366.07 an ounce.
• "We’re seeing gold under pressure because the global bond yields are up across the board," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals. "Germany, Italy, all up."
U.S Treasury yields hit multiyear highs on expectations that central banks around the world would reduce stimulus as economies improve. Higher yields on bonds make gold a less attractive investment because it pays no interest.
• "Asset managers have been increasing their exposure to gold since the beginning of the year," said TD Securities commodities strategist Daniel Ghali. "With prices above $1,320 (an ounce), you could expect some want to take some profits as well."
• Traders now await U.S. employment data and the outcome of a Federal Reserve policy meeting this week and will watch for implications for U.S. interest rates.
• Among other precious metals, silver dropped 1.2 percent to $17.19 an ounce. It rose 2.3 percent last week, the biggest gain for any of the major precious metals.
• Platinum, this year's best-performing precious metal so far, was down 0.2 percent at 1,007.80 an ounce after easing 0.3 percent last week in its first weekly decline in seven.
• Palladium was down 0.4 percent at $1,087.90 an ounce, approaching a 2-1/2-week low.
Reference: Reuters
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