Gold down $17
Gold has been hit by some heavy selling pressure in the past hour as Thursday's low of $1296 gave way. It's now down $17.31 to $1186.55 to start the week.
Higher global bond yields are tough competition for zero-yielding gold. The US bond market is closed for holiday today but surged above long-term levels last week.
The FX market also isn't helping gold today with the US dollar higher against the euro and pound sterling.
Another factor is likely China as the Shanghai composite tumbled 3.7% after a week of holidays.
