Gold futures settled lower on Monday, extending their decline to a third session on strength in the dollar and concerns that the U.S. Federal Reserve may soon scale back its bond-buying program. June gold GCM3 +0.36% fell $2.30, or 0.2%, to settle at $1,434.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices have now lost 2.7% in three sessions. The market sees that the Fed’s quantitative-easing program has “failed to generate inflation in the CPI and is starting to wonder why and thinking perhaps deflation is taking hold,” said Vedant Mimani, lead portfolio manager of the Atyant Capital Global Opportunities Fund. This puts pressure on gold, which is seen as a hedge against inflation.