Gold dips towards $1490 in Asian trade

SINGAPORE, May 16 (Commodity Online): Gold remained under pressure from a firm dollar in Asian trade Monday despite lingering concerns over Europe's debt worries. Spot gold was seen trading at $1,491.79 an ounce at 1pm Singapore time while US gold for June delivery was at $1,491.71 an ounce on the comex division of Nymex. Analysts said the precious yellow metal was one of the commodities affected on a firm dollar while uncertainty about the global economy limited any buying interest despite two of the sharpest sell-offs since the 2008 crisis in the past two weeks. The dollar index, a measure of the greenback's strength against a basket of currencies, advanced to its highest since early April.