Gold prices drifted lower on Monday, extending losses to a second straight session, as riskier assets such as equities gained in strength.
Global stocks rose on reports several countries are easing lockdown restrictions amid signs the new coronavirus infections are dropping slightly.
Meanwhile, investors were looking ahead to the upcoming monetary policy meeting of the U.S. Federal Reserve on Tuesday-Wednesday. The European Central Bank if scheduled to announce its policy statement on Thursday.
Earlier today, the Bank of Japan expanded monetary stimulus and pledged to buy unlimited amount of bonds to keep borrowing costs low.
Gold futures for June ended down $11.80, or about 0.7%, at $1,723.80 an ounce.
On Friday, gold futures for June ended down $9.80, or about 0.6%, at $1,735.60 an ounce.
In coronavirus updates, Germany reported just 1,018 new coronavirus cases on Monday, the lowest number since the early days of the outbreak more than six weeks ago.
Italy, Spain and France all signaled tentative moves to open up their economies amid a continued slowdown in new virus cases.
With the worst hopefully behind, New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio are laying out plans for reopening in the weeks.
The material has been provided by InstaForex Company – www.instaforex.com