As the US dollar strengthened and authorities tried to allay investor fears about a widespread crisis in the global banking sector, the price of gold fell for the second time in a row on Monday.

U.S. gold futures fell 0.3% to $1,977.90, while spot gold was down 0.1% to $1,975.59 per ounce, starting at 0350 GMT. After the sudden collapse of two American creditors, gold surpassed the $2,000 mark, but has since retreated after rescue measures taken by the authorities, including the emergency purchase by UBS of the troubled Credit Suisse. Rising interest rates tend to discourage investment in low-yielding bullion, while gold is seen as a safeguard against inflation and economic uncertainty.

Palladium fell 0.7% to $1,405.48, spot silver fell 0.6% to $23.08 per ounce, and platinum fell 0.2% to $974.60.