• Gold edged lower on Monday as investors shunned safe-haven assets for equities, with Asian stocks remaining near two-year highs, and as the dollar rose from a nine-month low, reducing the demand for bullion.
Spot gold fell 0.3 percent to $1,238.01 per ounce at 0434 GMT. Bullion prices have slid steadily since they hit a near eight-month high of $1,295.97 on June 6
• "Gold fell slightly as a rally in global stock markets saw investor appetite wane for the precious metal," ANZ analysts said in a note on Monday.
"The safe haven buying that had pushed gold to an eight month higher earlier this month has slowly petered out, with risk appetite improving in recent days," it added.
• "Even though global central banks are trying to normalize their monetary policies, inflation remains low... If inflation pressure is low, I don't think there's much upside for gold prices in the short term," said Argonaut Securities analyst Helen Lau.
The gold market is also repositioning itself with regard to emerging markets after the latest macroeconomic data from China have come stronger than expected, helping ease worries of a slowdown in the region, said Argonaut's Lau.
• U.S. consumer spending rose modestly in May and inflation cooled, according to Commerce Department data released on Friday, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year.
• Among other precious metals, silver rose 0.3 percent to $16.61 per ounce
Reference: Reuters
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