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Gold falls as risk appetite firms

(Xinhua)

10:23, August 30, 2011

CHICAGO, Aug. 29 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended moderately lower on Monday, as strong rally in U.S. equity market dimmed some of the shine of gold as a safe haven asset.

The most active gold contract for Dec. delivery dipped 5.7 dollars, or 0.3 percent, to 1,791.6 dollars per ounce.

The U.S. Commerce Department said on Monday that personal income rose 0.3 percent in July, but spending climbed an even faster 0.8 percent, the rise in spending matched the increase in Feb. as the largest since Summer 2009.

A trader mentioned that gold has rallied earlier in the session, as recent pull-back in price attracted bargain-hunters to step in, but the strong performance of U.S. stocks market eroded some of gold's allure as a safe-haven assets, after investors were cheered by data showing U.S. consumers earned more and spent more last month.

The precious metal has lost three percent last week, the first weekly loss in eight weeks. The metal suffered a two-day correction shaving nearly 200 dollars after it failed to settle above 1,900-dollar mark last Monday.

Silver for Sept. delivery trimmed 40.6 cents, or 1 percent, to 40.546 dollars per ounce.

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