SAN FRANCISCO (MarketWatch) — Gold futures fell on Monday as a downgrade for China’s economic-growth forecast spooked investors and the dollar emerged as the safe-haven investment of choice.

The World Bank lowered its estimates for developing countries in East Asia, including some large consumers of gold. The bank cut its 2012 growth forecast for China to 7.7% and said the European debt crisis poses a major threat more broadly for Asia. Read more on World Bank forecasts for Asia.

Investors also awaited developments from a meeting of euro-zone finance ministers, enhancing the dollar’s appeal. Prices came off lows, however, as the dollar lost some of it allure toward the end of the session.

Gold for December delivery GCZ22, +1.05% dropped $5.10, or 0.3%, to settle at $1,775.70 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures also had closed out Friday’s session on a weaker note, declining $15.70 an ounce. The metal lost 0.4% for all of last week.

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Gold has often moved alongside other commodities in recent years, relegating its more traditional appeal as a safe-haven investment to a lesser role.

The World Bank’s China forecast downgrade hit other commodities hard and pushed the dollar higher, said Matt Zeman, senior marketing strategist at Kingsview Financial in Chicago.

“I’d chalk [gold weakness] up to profit-taking and the bearish influence from outside markets,” he said.

Gold has faced resistance around $1,790 an ounce, but, unlike other recent pullbacks, the latest retreat has been shallower, Zeman said. That may be an indication that another leg up is forthcoming, he added.

The metal had risen in the weeks prior to and since the Federal Reserve launched a third round of quantitative easing, but it has traded mostly lower in recent sessions.

The ICE dollar index DXY, +0.26% , which measures the dollar against a basket of six major rivals, rose to 79.560 on Monday, from 79.350 late Friday.

In Luxembourg, euro-zone finance ministers met on Monday amid worries over Greece’s next aid payment. Greece, Spain’s budget cuts, and a banking union were likely at the top of the agenda. See: Europe finance ministers to discuss Greece, Spain.

Other metals futures tracked gold lower, with silver the top loser.

Silver for December delivery SIZ22, +0.79% fell 55 cents, or 1.6%, to $34.02 an ounce. December copper futures HGZ22, -2.89% declined 6 cents, or 1.6%, to finish at $3.72 a pound.

January platinum US:PLF3 fell $8.40, or 0.5%, to settle at $1,698.80 an ounce, while palladium for December delivery US:PAZ2 fell $6.25, or 0.9%, to $656.95 an ounce.

Strikes have continued to plague South Africa, where most of the world’s platinum and palladium are mined. Its government bonds are among the worst performers and its currency, the rand, has fallen to a three-year low against the U.S. dollar. Read: Rand slammed, hits 3-year low as strikes spread.

Municipal workers are gearing up for a strike, and port and railway workers may join in, according to news reports. That’s the latest in a string of walkouts that started in August at a Lonmin PLC UK:LMI platinum mine, which resulted in more than 40 deaths and clashes with police.