Gold futures on the COMEX division of the New York Mercantile Exchange went down on Monday amid the rally of both the U.S. dollar and stocks.

The most active gold contract for August delivery fell 9.8 U.S. dollars, or 0.78 percent, to settle at 1,246.70 dollars per ounce.

The U.S. Dollar Index climbed 0.4 percent to 97.51 as of 1723 GMT. The index is a measure of the dollar against a basket of other major currencies. When the dollar goes up, gold futures will fall.

Gold has shown a downturn tendency on Monday in response to recent signals from the U.S. Federal Reserve officials that they would at least increase once more the benchmark interest rate later this year.

The Fed raised its key interest rate by 0.25 percentage point last Wednesday, which led to losses of gold futures due to sell-off.

The decline of gold on Monday was also a result of stocks rally. The Dow Jones Industrial Average rose 128.89 points, or 0.60 percent, to 21,513.17 as of 1733 GMT. Meanwhile, the Nasdaq Composite Index climbed 1.41 percent to 6,238.99. When equities post gains, the gold futures usually goes down.

As for other precious metals, silver for July delivery dropped 15.9 cents, or 0.95 percent, to close at 16.502 dollars per ounce. Platinum for July delivery went up 10 cents, or 0.01 percent, to close at 926.9 dollars per ounce.