Prices drop as U.S. stock market rebounds from Friday's steep drop
Bullion prices declined on Monday, 04 August 2014 at Comex as the U.S. stock market rebounded from Friday's steep drop to lure away investors. Gold put an end to a three-day losing stretch on Friday after data showed the economy added fewer jobs than analysts had expected.
Gold for December delivery lost $5.90 to $1,288.90 an ounce on the Comex division of the New York Mercantile Exchange.
September silver lost 3.8 cents to $20.333 an ounce.
Gold futures eased Monday on profit-taking as equities showed signs of stabilization after sharp losses toward the end of last week.
The physical demand tends to start picking up in August as jewelers in key Asian consuming nations begin stocking up on metal ahead of autumn holidays and the so-called Indian wedding season. No major U.S. economic reports were released on Monday, but two are due out on Tuesday at 10 a.m. EDT. The market will get factory orders and the Institute for Supply Management's service-sector survey.
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