Gold Down to $1,281.26 an Ounce as Traders Cash In

Gold prices fell Monday due to traders cashing in their gains after the metal rose in the last three sessions. Gold prices were bumped up last week thanks to speculation the US Federal Reserve would maintain its stimulus through the end of the year, Reuters reported.

Spot gold prices were down $8.97 today to $1,281.26 an ounce. US gold futures for December delivery also fell $6.50 to $1,280.90 an ounce.

Weak physical demand for the precious metal has also dropped, impacting gold prices. Demand for gold is down in China and India, Reuters said.

“Weakness in the physical demand especially from India is so evident that any positive news for gold still does not move the markets the way it would during the first four months of this year,” EmiratesNBD said in a report.