Gold futures were under selling pressure Monday, weighed down by a perkier dollar and U.S. equities that are holding at or near record-high levels.

Some strategists attributed the pullback for bullion to some selling following the precious metal’s sharpest weekly gain in seven weeks.

“Gold prices are retracing once again from their highs after posting their best performance in seven weeks,” wrote Naeem Aslam, chief market analyst at AvaTrade, in a daily note.

Aslam said gold is likely to be supported by reports of the spread of the Delta variant of COVID, raising questions about the global economic outlook.

“Looking at the current situation, traders do not want to sell gold due to growing concerns about the Delta variant,” the analyst wrote.

August gold
GCQ21,
-0.51%

GC00,
-0.51%

early Monday traded $9.90, or 0.6%, lower at…

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