Gold prices fall up to 2 percent

LONDON: Gold prices fell as much as 2 per cent on Monday as the dollar rallied and investors flocked to riskier assets after the resumption of trade talks between the United States and China.

Spot gold fell 1.1 % to $1,393.59 per ounce at 10:54 am EDT (1458 GMT), after falling to its lowest since June 20 at $1,381.51.

US gold futures dropped 1.2 % to $1,396.60.

The metal has shed about $50 dollars since it broke the $1,400 level but some analysts see it as a healthy correction and an opportunity to buy.

Meanwhile, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22 % on Friday.

Among other precious metals, silver fell 0.33 % to $15.26 per ounce, while palladium rose 0.93 % to$1,552.25.