The metal slid 1 percent last week on the back of a stronger dollar and a rise in Treasury yields to above 3 percent, which weighed on interest in non-interest bearing assets.
Its retreat has left it on track to end April down 0.5 percent, erasing all the previous month's gains.
Spot gold was down 0.6 percent at $1,313.91 an ounce by 1130 GMT, off an earlier low of $1,313.51, its weakest since March 13. U.S. gold futures for June delivery were 0.7 percent lower at $1,314.60 an ounce.
"We are looking at two important support levels - $1,307 followed by $1,300," he said. "A break of these levels would bring more selling pressure."
At their summit on Friday, North Korean leader Kim Jong Un and South Korean President Moon Jae-in declared they would take steps to formally end the 1950-53 Korean War, which ended only with a truce, and work towards the "denuclearisation" of the Korean peninsula.
The dollar index was up 0.3 percent on Monday, holding just below its strongest since mid-January, while European shares rose after a positive session among Asian stocks overnight as tensions on the Korean peninsula eased.
Hedge funds and money managers cut their net long position in COMEX gold contracts and switched to a net long position in silver contracts in the week to April 24, U.S. Commodity Futures Trading Commission data showed on Friday.
"After nine consecutive weeks of a rare and even record net short silver position for money managers, the latest data shows that for the week ending Tuesday 24 the funds have returned to a slight net long," ING said in a note.
"Prices had briefly rallied above $17/oz but failed to hold as gold prices also fell. The gold/silver ratio has since recovered back above 80x since briefly hitting lows of 78x."
Among other precious metals, silver was down 0.8 percent at $16.36 an ounce, off an earlier three-week low of $16.34. Platinum was down 1 percent at $901.49 an ounce and palladium was 0.6 percent lower at $967.75.
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