Gold down on strong jobs report from last week

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as a strong U.S. jobs report from last week lured investors away to stocks.

The most active gold contract for August delivery fell 3.6 U.S. dollars, or 0.27 percent, to settle at 1,317 dollars per ounce.

Analysts believe that the odds of the precious metal returning to its all-time high are low. Some say the Federal Reserve may raise interest rates sooner than expected, which may have contributed to gold's weakness on Monday.

Silver for September delivery lost 12.3 cents, or 0.58 percent, to close at 21.014 dollars per ounce. Platinum for October delivery lost 12.1 dollars, or 0.80 percent, to close at 1,495.6 dollars per ounce.