Gold prices finish lower as tech stocks rise, Turkish lira collapses

Gold prices finish lower as tech stocks rise, Turkish lira collapses

Gold futures finished lower on Monday, with strength in the U.S. stock market led by gains in technology stocks partly to blame for the metal's fall from last week's highest settlement since late February.

A collapse in the Turkish lira also contributed to losses for gold, with the weaker currency likely to dull the yellow metal's demand from Turkey, which is a major buyer, analysts said. A report from the World Gold Council in January showed that Turkey was the biggest annual gold buyer in 2020, adding 134.5 metric tons to its official gold reserves.

Against the backdrop, gold for April delivery

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fell $3.60, or 0.2%, to settle at $1,738.10 an ounce, after prices saw a 1.3% weekly rise put in on Friday“”the second weekly gain in a row. Prices on Friday also finished at the highest for a most-active contract finish since Feb. 25.

Bullion's move lower to start the week comes even as U.S. Treasury yields and the dollar are staging a modest pullback that would ordinarily offer a