Gold extends losses

Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Monday, extending last week's 0.9-percent decline.

The most active gold contract for December delivery fell 8.1 dollars, or 0.62 percent, to settle at 1,302.4 dollars per ounce.

Gold futures last week fell 0.9 percent -- the first loss in four weeks -- and traded below 1,300 dollars following a batch of upbeat economic data, according to MarketWatch.

Market analysts believe that the U.S. economy is healing, which means it no longer needs the assistance of the U.S. Federal Reserve. Gold investors continued to react to last week's economic data, amid widespread expectations for an eventual slowing of the Fed's monthly asset purchases.

The U.S. economy grew at a faster pace than previously forecast in the second quarter, the Department of Commerce said on July 31. Meanwhile, U.S. manufacturing expanded in July at the fastest pace in more than two years, and the country's unemployment rate dropped to the lowest level since December 2008.

Silver for September delivery also fell 19.3 cents, or 0.97 percent, to close at 19.719 dollars per ounce.