Gold near 7-week-low after having its first monthly decline this year in June

Gold began July on weak footing, falling Monday to the lowest level since mid-May as a rebound of the dollar and European stock markets weakened demand for safe havens.

August gold on Comex dropped as much as 0.8% to $1,231.90 an ounce in early US trading. The contract settled Friday at $1,242.30, leaving it down around 2.6% for the month of June, the precious metal first monthly decline of the year.

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