The price of gold declined Monday as investors took profits following the metal's recent ascent, sending shares of gold producers lower.

"Broadly speaking, its a heavy dose of profit-taking," said HSBC metals trader Jim Steel. "The market has been up quite dramatically over the last several days, mostly on safe-haven buying."

August gold fell $19.70 to $648.30 an ounce in midday trading on the New York Mercantile Exchange. The contract had climbed to a six-week, intraday high of $669 on Friday, boosted by increased fund buying.

Shares of gold producers declined in tandem. Newmont Mining Corp. shares dropped $1.41, or 2.6 percent, to $53.55 on the New York Stock Exchange, where Goldcorp Inc. shares fell 87 cents, or 2.9 percent, to $28.93. Freeport McMoran Copper & Gold Inc. saw its stock lose $1.97, or 3.6 percent, to $52.43 on the Big Board.

Elsewhere in the metals market, silver retreated 43 cents to $11.10 an ounce. Copper shed 15 cents to $3.56 a pound.

Copper producer Phelps Dodge Corp. saw its shares slide $2.45, or 3.1 percent, to $77.34 on the NYSE.