Gold slips despite weak equities

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday even as the U. S. equities retreated.

The most active gold contract for December delivery lost 5.8 U. S. dollars, or 0.46 percent, to settle at 1,248.5 dollars per ounce.

Analysts say gold remained falling despite weak U.S. stocks and the stalling dollar, an indication that investors have little confidence in the gold market. Some analysts believe that the outlook for gold is bearish ahead of the potential for a rise in U. S. interest rates next year.

The Federal Reserve Bank of San Francisco released a research report on Monday which expected the Fed to maintain its accommodative policy. This prompts speculation among analysts that a change in policy may take place sooner rather than later.

Silver for December delivery lost 4.1 cents, or 0.22 percent, to close at 18.92 dollars per ounce. Platinum for October delivery lost 11.7 dollars, or 0.84 percent, to close at 1,385.8 dollars per ounce.