Gold futures closed down 0.3% on Monday for the second day in a row.

Gold futures fell for the second day in a row on Monday amid a strengthening dollar and a sell-off in global stock markets. The strength of the dollar and the fall in the stock market are partly due to concerns about the rapid spread of the new crown delta variant.

Adrian Ash, head of research at BullionVault, said gold "has recently been overhyped as a hedge against inflation, disappointing investors expecting the central bank to start tightening policy and selling gold pre-emptively."

While gold fell, U. S. stocks generally tumbled. "Gold rarely rises because the stock market falls," Adrian Ash said. Instead, it is usually hit by profit-taking when the stock market falls, as selling gold helps raise cash for hedge funds and other speculators to meet margin calls on their lost bets. "

Gold futures for August delivery on the New York Mercantile Exchange fell $5.80, or 0.3%, to close at $1809.20 an ounce.