Gold tumbles in Europe

Gold fell to its lowest in nearly six weeks on Monday as the dollar strengthened and as easing tensions on the Korean peninsula helped boost appetite for assets seen as higher risk, such as stocks. The metal slid 1 percent last week on the back of a stronger dollar and a rise in Treasury yields to above 3 percent, which weighed on interest in non-interest bearing assets.
Its retreat has left it on track to end April down 0.5 percent, erasing all the previous month's gains. Spot gold was down 0.8 percent at $1,311.61 an ounce by 1330 GMT, off an earlier low of $1,311.11, its weakest since March 13. US gold futures for June delivery were 0.8 percent lower at $1,312.60 an ounce.
"Easing geopolitical concerns and the strengthening dollar index are the factors which are creating the sell-off," Naeem Aslam, chief markets analyst at Think Markets, said. "We are looking at two important support levels - $1,307 followed by $1,300," he said. "A break of these levels would bring more selling pressure."
At their summit on Friday, North Korean leader Kim Jong Un and South Korean President Moon Jae-in declared they would take steps to formally end the 1950-53 Korean War, which ended only with a truce, and work towards the "denuclearisation" of the Korean peninsula. "The signs of detente in the North Korean conflict are... contributing to the lack of solid demand for gold as a safe haven at present," Commerzbank said in a note.
"Following the historic meeting between North Korean leader Kim Jong-un and South Korean President Moon Jae-in, North Korea appears ready to shut down its nuclear testing facility in the country's northeast soon." The dollar index was up 0.4 percent on Monday, holding just below its strongest since mid-January, while European shares climbed after a positive session among Asian stocks overnight as tensions on the Korean peninsula eased.
World stocks are on track to rise this month for the first time since January, lifted by positive earnings from US technology firms and a string of high-profile M&A deals. Hedge funds and money managers cut their net long position in COMEX gold contracts and switched to a net long position in silver contracts in the week to April 24, US Commodity Futures Trading Commission data showed on Friday.
Among other precious metals, silver was down 1.6 percent at $16.23 an ounce, off an earlier three-week low of $16.20. Platinum was down 1.1 percent at $901 an ounce and palladium was 1.1 percent lower at $963.72. On a monthly basis palladium is the biggest riser among the major precious metals in April, up 1.1 percent after US sanctions on major producer Russia stoked concerns over supply. Platinum, down 2.5 percent, is the biggest faller so far.