Gold Is Losing Its Glitter

Gold extended declines in early Monday trading, touching a three-month low, amid a move by investors into higher yielding assets in anticipation of interest rate increases from the world's major central banks.

Spot gold prices were marked 0.5% lower at $1,207.2 in European trading, the lowest in more than three months, even as the U.S. dollar gave back some of the gains booked in Asia trading.

Gold has fallen more than 6.7% over the past month, with the bulk of the decline coming in the latter days of June when three of the world's top central bankers -- Janet Yellen, Mario Draghi and Mark Carney -- made speeches indicating that interest rates will begin to increase around the world as economies grow and the effects of the financial crisis are finally left behind.

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