Gold fell below $ 1,200 per ounce

Gold fell below $ 1,200 per ounce


 Gold futures on the COMEX division of the New York Mercantile Exchange fell below U.S. $ 1,200 per ounce on Monday (Tuesday morning GMT ) , the U.S. economic data boosted positive .

The most active gold contract for February delivery dropped 6.7 dollars, or 0.56 percent to close at 1,197 dollars per ounce .

Data released by the U.S. Department of Commerce on Monday showed that consumer spending rose a seasonally adjusted 0.5 percent in November , the fastest pace since June , and personal income rose 0.2 percent , putting gold under pressure .

Meanwhile, the final index of consumer sentiment from the University of Michigan - Thomson Reuters to December reached 82.5 , the highest level since July .

2013 was a disappointing year for gold , market analysts said . Although there is ongoing support from physical demand , gold still looks " overvalued " (below value ) .

Societe Generale even predicted that the role of a "safe haven " of gold is over, because the U.S. Federal Reserve last week said it would begin reducing its bond purchase program .

Silver for March delivery lost 4 cents, or 0.21 per cent to close at 19.413 dollars per ounce . Platinum for January delivery dropped 4.8 dollars, or 0.36 percent, to close at 1327.4 U.S. dollars per ounce , AFP reported .