Gold
slid for a fifth straight session on Monday, in its longest losing
streak since November, as investor sentiment was hurt by stronger global
equities and weak physical demand in Asia. Spot gold eased 0.3 percent to $1,247.20 an ounce by 08:28 Singapore. It wasn't too far from a 4-month low of $1,241.99 hit on Friday.
The 5-day fall is the metal's longest losing streak since October-November when it fell for seven straight days.
Gold is often seen as an investment-hedge to riskier assets such as equities. Global equity markets traded mostly flat on Friday but the Dow and S&P 500 set fresh closing highs.
Hedge funds and money managers cut their bullish bets in gold futures and options in the latest week to their lowest level in nearly four months, according to data from the Commodity Futures Trading Commission on Friday.
U.S. gold coin sales in May fell slightly from a month earlier amid lacklustre retail buying interest, U.S. Mint data showed, although dealers expect this week's drop in spot prices to spur some bargain hunting by collectors.
The U.S. Mint said it will cease rationing its popular American Eagle silver bullion investment coins, as retail investment demand has waned.
Gold premiums in India almost halved last week on hopes the new government would ease restrictions on imports of the precious metal, while demand in the rest of Asia failed to pick up despite a drop in prices.
Key physical markets of Hong Kong and China are shut on Monday for a public holiday.
For the week, markets are also eyeing key economic data such as U.S. non-farm payrolls
Source: Reuters
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