Gold fell to a three-week low on Monday as a stronger U.S. dollar reduced the need to invest in the precious metal as a hedge outlet.

August-stamped gold futures dropped to $927.50 per ounce, down $13.20 on the session. Prices touched as low as $925.50 earlier in the session.

The dollar gained against the euro on Monday in New York and reached a 3 1/2 week high of 1.3754. The buck also saw moderate strength against the pound. Gold usually moves opposite the dollar because of the precious metal's hedge appeal.