Gold fell to its lowest in over three months early on Monday as the dollar hit a one-month high against the yen after U.S. Federal Reserve chief Janet Yellen said the central bank could raise interest rates in the coming months.

  Spot gold had dropped 0.5 % to $1,205.70 per ounce by 0044 GMT. Bullion touched a low of $1205.50 earlier in the session, its lowest since Feb. 22.

 U.S. gold was down 0.7 % at $1,205.50. U.S. gold futures and options to their lowest in almost two months after the Fed indicated it could raise interest raise rates as early as June, data showed on Friday.

 Gold output in Australia, the world's second biggest producer, slipped 2%  in the first quarter, due in part to mining of lesser grade ores during a period of higher bullion prices, a survey released on Sunday showed.  

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