Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Monday as the U.S. dollar continued to strengthen.

The most active gold contract for June delivery went down 0.60 dollar, or 0.05 percent, to settle at 1314.10 U.S. dollars per ounce.

The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, rose 0.18 percent to 92.78 as of 1928 GMT, the highest level since the beginning of 2018.

Gold and the dollar typically move in opposite directions. When the dollar goes up, it will curb the appeal for dollar-priced gold, which turns less attractive to investors using relatively weak currencies.

The U.S. stock market posted gains on Monday as well. When equities go up, the precious metal usually falls, as investors are lured to the stock market.

Meanwhile, the surging oil prices have made financial observers wonder if the U.S. Federal Reserve may be more aggressive with further interest-rate hikes later this year.

As for other precious metals, silver for July delivery fell 2.4 cents, or 0.15 percent, to settle at 16.495 dollars per ounce. Platinum for July rose 3 dollars, or 0.33 percent, to close at 913.30 dollars per ounce.