Gold fell to the lowest level in a month and a half as gains in the dollar and European stock markets limited demand for havens.

The metal reached the lowest level since May 16, with spot prices ending the longest run of monthly gains since 2010 on Friday. The dollar rose against all other G-10 currencies and European stocks advanced for the first time in five days.

“Gold currently looks vulnerable,” UBS Group AG analyst Joni Teves said in a note. “Higher yields and market participants digesting a hawkish shift in tone among key central banks of late, while equities stay resilient around all-time highs,” are negative for the metal.

Gold for August delivery on the Comex fell as much as 0.8 percent to $1,231.90 an ounce and traded at $1,232.20 by 8:13 a.m. in New York, according to Bloomberg generic pricing. The metal looks set to close below it’s average over the previous 200 days -- a measure watched by some traders for price clues -- for the first time since May 16.

June and July are normally middling months for gold, with spot metal typically rising by less than 1 percent, compared with rising 3.9 percent on average in Januaries over the past 10 years, and falling about 1.5 percent in March between 2007 and 2016.

In other gold market news, the Perth Mint reported falling sales in June with 19,259 ounces sold, down by more than a third from May. Meanwhile, Russia increased gold’s share in its international reserves in 2016 to 15 percent from 12 percent.

In other precious metals:

• Silver for Sept. delivery slipped 1.3 percent to $16.415 an ounce.
• Platinum was down 0.9 percent at $917.80 an ounce.
• Palladium advanced 0.3 percent to $839.20 an ounce.