NEW YORK, May 16 (UPI) -- Gold futures fell Monday, following oil prices, which turned lower with demand concerns that center on the high price of gasoline.
Gasoline prices shied away from the $4 per gallon mark Monday with prices averaging $3.955 per gallon Monday, AAA said.
Analysts say the high cost of gasoline is likely to keep consumers from driving and the lack of demand has triggered the first retreat in gasoline prices in weeks.
Crude oil for June delivery lost $2.65 to reach $97 per barrel. Gold futures, which often take their cue from oil, lost $3.60 to hit $1,4590 per troy ounce on the Comex division of the New York Mercantile Exchange.
The euro rose to $1.4159 from Friday's $1.4107. Against the yen, the dollar fell to 80.75 yen from Friday's 80.81 yen.
The dollar traded for 45.15 Indian rupees, compared to 45.147 Indian rupees on Friday. Against the Hong Kong dollar, the U.S. dollar fell to 7.7766, compared to 7.777.
The Australian dollar was $1.0565 compared with Friday's $1.069. The British pound fell to $1.6192 from $1.6204.
