Gold falls on profit-booking, but economic downturn fears limit losses

Gold edged down on Monday as investors booked profits after prices hit a one-month high last week, while worries over a coronavirus-driven steeper global economic downturn and the US Federal Reserve's stimulus measures limited bullion's losses.

Spot gold slipped 0.4 per cent to $1,681.49 per ounce by 0239 GMT US gold futures fell 1.4 per cent to $1,728.40.

There is "a bit of a post-weekend profit-taking. (There is) no follow through topside as equity markets are trading more neutral and the dollar remains relatively firm," said Stephen Innes, chief market strategist at financial services firm AxiCorp.

Commodity currencies slipped against safe-haven units such