Gold prices took a breather on Monday after a more than 1 percent rise in the previous session, as investors closely watched oil and currency markets for further trading cues. Spot gold was little changed at $1,662.29 an ounce by 0629 GMT, after hitting a one-week high of $1,669.26 in early hours. US gold was barely changed at $1,662.20.
Money managers in US gold futures and options cut their bullish bets for a third straight week to the weakest level in two months as bullion prices tumbled after a strong run of US economic data triggered fund selling. Physical demand from India, the world's largest bullion buyer, remains a concern with a jewellers' strike entering its second week after the government announced a hike in import duty on bullion. The SPDR Gold Trust, the world's biggest gold ETF, said its holdings fell 0.8 percent last week, the biggest weekly decline since late December.
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