Gold Retreats on Stronger Dollar

CHICAGO, April 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange dropped slightly on a stronger dollar Monday.

The most active gold contract for June delivery lost 3.4 dollars, or 0.22 percent, to settle at 1,572.5 dollars per ounce.

As Japanese central bank unveiled an ambitious bond-buying program, dollar went strong against Japanese yen, playing a major role in the retreat of gold prices Monday.

Another dampening factor came from Europe. Portugal's high court rejected some of the austerity measures the country intends for 2013 as part of its bailout effort. Fall in holdings in the SPDR Gold Trust also exerted pressure on gold prices.

Market analysts hold that gold will remain in a tough position for some time to come.

Silver for May delivery slipped 8.2 cents, or 0.3 percent, to close at 27.138 dollars per ounce. Platinum for July delivery gained 1.5 dollars, or 0.1 percent, to close at 1,537 dollars per ounce.