Gold extends losing streak to 4th session as oil slumps

Gold extended its losing streak to a fourth session on Monday as oil failed to sustain its rebound.

Gold for February delivery GCG5, -0.92%  dropped 14.80 points, or 1.2%, to settle at $1,207.70 an ounce, while March silver SIH5, -2.70% sank 49 cents, or 2.9%, to $16.56 an ounce.

Gold and oil prices have been moving in tandem recently with gold taking its cue from the oil market more frequently.