Gold hits 4-month low, longest losing streak in 7 months

New York (June 2)   Gold prices edged lower for a fifth day in a row on Monday, marking their longest losing streak in seven months as investors stuck with equity markets after US stocks hit another record high.

Caution ahead of the latest European Central Bank policy meeting and a rash of key US data due this week also kept gold bulls at bay.

The spot price of gold was down 0.6 per cent at $1,243 an ounce by 4:00 p.m. EDT (2100 GMT). The session bottom of $1,240.69

marked a four-month low, with the previous level set on Feb. 3.

US gold futures' most-active August contract settled down $2, or about 0.2 per cent, at $1,244 an ounce.

On Wall Street, both the Dow Jones industrial average and the S&P 500 hit intraday record highs and remained in positive territory after a closely watched gauge of US manufacturing was corrected to show more strength than initially indicated.