(MarketWatch) — Gold futures reversed earlier gains Monday, falling for the first session in five as the U.S. dollar edged higher against the euro, reducing the metal’s investment appeal. Copper also moved higher.

Helping the U.S. currency, China’ central bank governor ruled out any “sudden” changes to its foreign-exchange reserves.

August gold slid $5, or 0.5%, to $936 an ounce on the Comex division of the New York Mercantile Exchange. It rose to $943.20 earlier. The metal ended last week’s trading up for the first week in four. For the month, it’s still down about 4%.

Gold’s “primary focus remains on U.S. dollar movements, but volatility could also come this week from the cyclical process of quarter-end book-squaring processes,” said Jon Nadler, senior analyst at Kitco Metals Inc.

For the second quarter, gold has gained about 2%, as the dollar weakened against its major rivals. Gold is also up about 6% in the first half of the year.

Trading is expected to remain “choppy” this week, said James Moore, an analyst at TheBullionDesk.com, “although overall the metal appears comfortable in the recent $930 to $950 range.”

In currency trading, the euro fell 0.1% to $1.4042. The dollar was also higher against the Japanese yen and the British pound.

People’s Bank of China Governor Zhou Xiaochuan said Sunday that “our forex reserve policy is always quite stable” and that “there are not any sudden changes,” according to the Dow Jones Newswires.

This assuaged immediate concerns over China’s recent several calls for a new global reserve currency to replace the dollar.

In gold exchange-traded funds, holdings in the SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld (GLD 92.23, -0.06, -0.07%) , the biggest gold ETF, stood at 1,125.74 metric tons Friday, unchanged from a day ago.

In other metals, July platinum fell $20.30, or 1.7%, to $1,182.70 an ounce, while September palladium rose 80 cents, or 0.3%, to $248 an ounce. July silver lost 27.8 cents, or 2%, to $13.85 an ounce.

Holdings in the iShare Silver Trust /quotes/comstock/13*!slv/quotes/nls/slv (SLV 13.75, -0.15, -1.08%) , the largest silver ETF, stood at 8,724.86 metric tons Friday.

The July copper contract gained 3.15 cents, or 1.4%, to $2.3245 a pound.

London inventories fell to 270,250 metric tons Friday, down 1,350 metric tons from the previous session, exchange data on copper showed.