Gold dips as metal searches for an August spark

After a brutal July, gold futures started the week and the month of August on a dour note, with the precious metal is being weighed down by a stronger dollar ahead of a key employment report on Friday, which could set the tempo for the Federal Reserve’s first interest rate hike since 2006.

The ICE U.S. Dollar Index DXY, +0.09% a measure of the buck’s strength against a basket of six rival currencies, was ticking higher on Monday at 97.4950 from 97.2290 in late Friday trade.

Gold for December delivery GCZ5, -0.49% which is now the most actively traded contract on Comex, shed $4.20, or 0.4%, to $1,090.90 an ounce. Gold settled at $1,095.10 an ounce on Friday.

For the month gold, logged a drop of 6.5%, its biggest decline since a slide of more than 12% in June 2013.

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