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.
“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.
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.
U.S. gold futures for August delivery fell 0.4 percent to $1,237.70 per ounce.
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