Gold futures on Monday were trading lower, under pressure despite a decline in U.S. stocks and as the the dollar remained firm to start a holidayshortened week.

A stronger U.S. dollar index recently remains a negative element for the metals markets, wrote Jim Wyckoff, senior analyst at Kitco.com.

Gold for April delivery was off 10.30, or 0.6, to trade at 1,721.40 an ounce, following a 0.5 weekly slump.

Commodity markets and other financial markets will be closed on Good Friday this week.

May silver meanwhile, shed 29 cents, or 1.2, to trade at 24.83 an ounce, after posting 4.6 decline for the week on Friday.

Bullions decline on Monday come amid news that a large investment fund, Archegos Capital Management, had dumped 30 billion in holdings, including big positions in ViacomCBS and Discovery, making some investors concerned about contagion.

If the markets to see a contagion effect, gold and silver markets could quickly see bids coming in, wrote Wyckoff.

Meanwhile, the U.S. dollar was holding steady, up less than 0.1 at 92.79, as measured by the ICE U.S. Dollar Index. A stronger dollar can weigh on dollarpriced assets, making them more expensive for overseas buyers. The 10year Treasury note was yielding 1.65, retreating by about 2 basis points. Bond prices rise as yields fall.

Source Marketwatch