Gold Futures Slip; Dollar Is Mixed

Gold prices slipped Monday as the greenback strengthened and speculators trimmed their holdings.

Benchmark bullion futures were down $6.10 at $879.70 an ounce in recent action on the Comex division of the New York Mercantile Exchange. Over time, as the value of the dollar appreciates, the price of gold tends to decline.

The streetTracks Gold Shares(GLD Quote - Cramer on GLD - Stock Picks) was falling 0.6%.

"This morning, profit-taking has seen prices soften across the board," writes the London-based commodities team at Barclays Capital in a research brief. "Speculative interest was scaled back in gold and silver [with net long positions now at] their lowest level since September 2007."

In the gold patch, shares of Kinross Gold (KGC Quote - Cramer on KGC - Stock Picks) were lower by about 1.9%, weighed down by the falling metal price. Yamana Gold(AUY Quote - Cramer on AUY - Stock Picks) was losing 2.1%.

In the foreign-exchange market, one euro was buying $1.5447, down from $1.5476 on Friday. The dollar was changing hands for 103.80 Japanese yen, up from 102.94 yen previously. The British pound was selling for $1.9582 vs. $1.9517 in the prior session.

The CurrencyShares Euro Trust(FXE Quote - Cramer on FXE - Stock Picks) and the CurrencyShares Japanese Yen Trust(FXY Quote - Cramer on FXY - Stock Picks) were declining 0.2% and 0.7%, respectively. The CurrencyShares British Pound Sterling(FXB Quote - Cramer on FXB - Stock Picks) was rising 0.4%.