Commodities Update: Gold down as Equities and Dollar gain momentum

Gold moved downwards to a 7week low after strong performance was witnessed from the US Equities and Dollar was buoyed by higher trade in the Asian Markets.

Spot gold was down 0.1 percent at $1,269.20 an ounce by 0337 GMT, after earlier touching its lowest since mid-August at $1,267.76.

U.S. gold futures for December delivery shed 0.3 percent to $1,272 an ounce.

Gold has been struggling again as the performance indicators reveal a significant surge in the production in Asian economies. European indicators reveal an increase in industry and consumer confidence for the region.

In other precious metals, silver had edged down 0.2 percent to $16.51 an ounce after earlier matching its lowest since Aug.9, which it originally hit yesterday.

Platinum and palladium were both 0.3 percent lower at $908.25 and $906.75 an ounce respectively, having hit price parity for the first time in 16 years last week.