LONDON: Gold fell on Monday as downward pressure from a strong dollar outweighed support from unrest in Hong Kong, which hit global shares and led to some demand for the metal.
Spot gold was down 0.2 per cent to $1,217.10 an ounce by 1422 GMT, while US gold futures gained $2.30 to $1,217.60 an ounce. Cash prices had reached a nine-month low of $1,206.85 on Thursday, before recovering slightly.
The bigger impact on gold prices could still come from US data as market players seek to gauge the strength of the economy and its impact on Federal Reserve policy.
Gold is traditionally seen as an alternative investment during times of political instability.
Unrest in Hong Kong, however, also could hit retail sales in the region, a hot spot for tourists from mainland China, especially during the one-week National Day holiday that begins on Wednesday, bullion dealers said.
Published in Dawn, September 30th , 2014
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