Gold 'melts' at the beginning of the week!


 Gold prices fell amid stronger US dollar trade earlier in the week.

During the Asian session, the yellow metal traded down at $1,955 per ounce, while gold futures were down at $1,970 per ounce.

The greenback dollar continued to strengthen higher against major currencies following the gains recorded at the end of last week's trade.

US personal consumer spending (PCE) rose less than expected in February, signaling easing inflationary pressures.

However, the USD shrugged off the report by extending gains to close higher last week despite losses in March.

The price of gold managed to close March trading with a gain of about 7.8% after receiving support as a safe-haven due to concerns about the global banking crisis.

Next in focus for investors this week is the release of US NFP employment data to determine the health of labor in the world's giant economy.