Gold futures on the COMEX division of the New York Mercantile Exchange retreated Monday after a nearly 5 percent gain last week, pressured by concerns that the U. S. Federal Reserve will slow the pace of economic stimulus.

The most active gold contract for December delivery fell 5.3 U. S. dollars, or 0.39 percent, to settle at 1,365.7 dollars per ounce. Gold futures last week finished 4.5 percent higher, the best gain since the week ended July 12.

The Fed, which has kept interest rates at a record low since 2008, probably will reduce its monetary stimulus of 85 billion U.S. dollars in monthly bond purchases in September after gains in the economy, Bloomberg reported.

Minutes of the previous Federal Open Market Committee meeting will be released Wednesday. Analysts say, the market is speculating that the Fed will announce the beginning of the tapering, which makes investors treading with more caution.

Gold has lost 19 percent this year as some investors lost faith in the metal as a store of value, wiping 56.1 billion dollars from the value of bullion-backed exchange-traded products.

Against this background, silver for September delivery fell 15. 6 cents, or 0.67 percent, to close at 23.166 dollars per ounce.