Gold slips on better-than-expected factory orders

CHICAGO, July 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange slipped Tuesday on better-than- expected factory orders for May in the U.S..

The most active gold contract for August delivery dropped 12.3 dollars, or 0.98 percent, to settle at 1,243.4 dollars per ounce.

The U.S. Commerce Department reported Monday that the orders for goods produced in U.S. factories climbed 2.1 percent in May, as against 1.9 percent expected by economists. Meanwhile, with the U.S. Independence Day holiday falling on Thursday and jobs report to be released Friday, investors are prudent about their gold investment.

Barclays on Monday cut its gold-price forecast for 2013 to 1, 393 dollars an ounce from the previous outlook of 1,483 dollars an ounce. Goldman Sachs, Deutsche Bank, Morgan Stanley and HSBC all have recently lowered their 2013 price forecasts for the precious metal.

Silver for September delivery lost 26.9 cents, or 1.37 percent, to close at 19.309 dollars per ounce. Platinum for October delivery dipped 14.7 dollars, or 1.06 percent, to close at 1,367.8 dollars per ounce.

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