Gold prices fell on Monday after reaching a three-week high earlier in the session.

Spot gold fell 0.6% to $2,695.79 per ounce at 0246 GMT. US gold futures fell by 0.5% to $2,697.90. According to Matt Simpson, a senior analyst at City Index, gold is under pressure because “some traders wanted to take profits around the high of $2,718, given that gold futures had their best week since the pandemic last week.” On the physical front, gold premiums in India fell last week as rising local prices cooled demand, while interest in gold in China and other Asian markets remained subdued.

Spot silver fell 1% to $30.99 per ounce, platinum fell 0.3% to $960.85, and palladium fell 0.6% to $1,003.21.