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SINGAPORE: Gold slid more than 1% in Asian trade on Monday and was set for its worst month since November 2016, as hopes of a coronavirus vaccine-led economic rebound lured investors into buying risk assets.
Spot gold fell 0.7% to $1,775.11 per ounce by 0650 GMT, shedding 5.4% this month. The metal also hit its lowest since July 2 at $1,764.29 earlier in the session.
US gold futures dropped 0.7% to $1,775.70.
"Vaccine-inspired optimism about an economic bounce is really eroding the attraction of safe-haven investments like gold," said Michael McCarthy, chief strategist at CMC Markets.
"Gold looks bearishly biased and I don't see any signal of a trend reversing anytime soon," said Margaret Yang, a strategist at DailyFX.