Gold Drops Below $1286

Spot gold fell about $1 to $1,285.76 an ounce, after posting a small weekly gain on Friday.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.08 percent to 795.00 tons on Friday.  The U.S. Mint sold 25,000 ounces of American Eagle gold coins in August, down 17 percent from the previous month, according to the latest data.

Hedge funds and money managers decreased their bullish futures and option bets in gold for a second consecutive week as a record rally in U.S. equities sapped demand for the safe-haven metal, data from the Commodity Futures Trading Commission showed on Friday.


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