Gold futures dropped sharply on pressures from a stronger dollar on Monday. Silver fell.

Gold for June delivery ended down $15, or 1.6 percent, at $921.50 an ounce. For March, gold lost $50.60 or 5.2 percent. But the precious metal advanced 10.3 percent, or $86.60 during the first quarter. Gold futures for June delivery fell $8 to $928.50 an ounce on the New York Mercantile Exchange.

James Moore, an analyst at, wrote in a note that gold's failure to break above $951 Friday was interpreted as a short-term sell signal, and suggests further consolidation is necessary before gold can reclaim $1,000.

The precious metal fell $18.20 to end at $930.60 an ounce on Friday, though gold posted a gain of $10.60 for the week.

Also on the Nymex, May silver futures dropped 63 cents to $17.31 an ounce, July platinum futures fell $5.40 to $2,043.40 an ounce. June palladium fell $4.70 to $450.20 an ounce. May copper futures fell 0.15 cents to $3.83 a pound.

Gold remains in a range between $905 and $955, but gold's higher weekly close is constructive from a technical point of view, said Mark O'Byrne, executive director at Gold and Silver Investments, in a research note.

The weakening U.S. economy is obviously dollar bearish and conversely it is gold bullish, but more consolidation may be necessary before we get above the four-digit price again, he said.