Gold prices slipped slightly on Monday, giving back some of the gains seen last week. Commodities declined as a whole saw some weakness on concerns the swine flu breakout could slow the economic recovery.

June gold was closed at $908.20 an ounce, down $5.90. The drop was just the second in six sessions for the precious metal.

The dollar gained on the euro amid thoughts the European Central Bank may lower its key interest rate at its next policy meeting, scheduled to take place on May 7. The buck fell against the yen. Usually, gold moves opposite the dollar because of the precious metal's hedge appeal.

There was no major economic news on Monday, leaving traders to sift through the latest on the earnings front. Investors also looked ahead to the Federal Open Market Committee's two day meeting, which begins on Tuesday and will conclude with an interest rate decision on Wednesday.

Although the swine flu does seem to be spreading, many doctors agree that the swine flu is no more panic worthy than any other breakout of the human flu during flu season. President Barack Obama said Monday that the spreading swine flu is something that should raise the country's state of alert but should not be seen as a cause for alarm.

Gold closed in the green for a fourth time this week. Gold rallied $41.50 per ounce for the week - the first gain in five weeks for precious metal.

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