Gold Hovers Over Support at $1180 on Strong Equities

Gold was languishing near its lowest in over a month on Monday, as record-high equities dented its appeal as a safe-haven, with investors also focusing on the Federal Reserve’s policy meeting this week for clues on the timing of a U.S. rate hike.

Spot gold had ticked up 0.2 percent to $1,181.11 an ounce by 0044 GMT, but wasn’t too far from its lowest since March 20 at $1,174.73, reached in the previous session.

Bullion tumbled over 1 percent on Friday after equity markets worldwide climbed to record highs as solid corporate earnings and an all-time peak for the Nasdaq stock index stoked investor optimism.