It has been informed that gold futures dropped on Monday to end the longest rally in five weeks. It dropped because a 15-year high in US technology stocks slashed demand for the precious metal as a haven.

For the first time since 2000, the Nasdaq Composite Index mounted over 5,000 in a hope that consumer spending will progress. In the previous two years, gold fell 29% because the economy gained traction and global equities increased.

According to Miguel Perez-Santalla, a sales and marketing manager at Heraeus Metals New York LLC, gold is under pressure because of the strength in the equity market. It has been notified that for April delivery, gold futures fell 0.4% to settle at $1,208.20 an ounce at 1:46 pm on the Comex in New York. In the previous three sessions, the price mounted. Previously, the metal reached $1,223 and it is the highest for a most- active contract since February 17.

According to Kitco Metals Inc, it is expected that the surprise decrease in interest rates will help to increase demand for physical gold. It was informed that on Saturday, the People's Bank of China has reduced the benchmark lending and deposit rates by a quarter percentage point.

Rajesh Mehta, chairman of Rajesh Exports Ltd, said that there is a possibility that gold imports by India can increase to 100 metric tons in March from about 25 tons in February. According to experts, reports regarding higher imports by India are positive.

"China's action is keep gold supported", said Tai Wong, the director of commodity products trading at BMO Capital Markets Corp. in New York.