Gold reverses early gains, drops more than 1 percent

SINGAPORE (Reuters) - Gold reversed early gains to drop more than 1 percent on Monday after U.S. futures fell on fears about central bank sales and heavy outflows from global exchange-traded funds.

Gold hit an intraday high at $1,495.16 an ounce before slipping to $1,453.61 by 0159 GMT, down $24.74. U.S. futures extended losses to fall more than 3 percent.

(Reporting by Lewa Pardomuan and Manolo Serapio Jr.; Editing by Himani Sarkar)