GOLD futures settled at less than $US1,600 for a second time in three trading days Thursday as brighter economic data and stronger equities bolstered investor risk appetite.
The most actively traded contract, for June delivery, fell $US11.40, or 0.7 per cent, to settle at $US1,594.80 a troy ounce on the Comex division of the New York Mercantile Exchange.
Gold prices started the day on the back foot, after an upwardly revised reading of US fourth-quarter growth bolstered investor confidence in the economic recovery.
Gold is considered a refuge from economic uncertainty and a means of safeguarding wealth, but tends to fall out of favor with investors when they expect the economy to do well.
Gold prices also faced pressure from an upbeat US equity market.
The record-breaking run up in equities had cast a shadow on gold in recent months, as investors pulled money out of the haven asset in favor of the economically sensitive stock market.
Still, a weaker reading of the Chicago Business Barometer, a gauge of Chicago-area manufacturing activity, helped temper some of gold's declines.
"That came in quite a lot below expectations and we had a little bounce (in gold)," said Bart Melek, head of commodity strategy with TD Securities.
Lingering concern over Cyprus also cushioned gold's losses. Gold futures had jumped up above $US1,600 on Wednesday as some investors had feared a bank run as Cypriot banks reopened for the first time in nearly two weeks after the nation's controversial bailout.
Cyprus had agreed to shut its second-largest bank and force large depositors to take losses as part of a deal that provided the government with EUR 10 billion ($13 billion) in rescue financing.
Gold's losses came amid unusually low trading volumes, as many traders in the US and Europe moved to the sidelines ahead of the Good Friday holiday. The Comex floor will closed Friday.
Price movements can be amplified during low volume trade, as each individual transaction has a greater impact on the market.
Settlements (ranges include open-outcry and electronic trading):
London PM Gold Fix: $1,598.25; previous PM $1,603.00
Jun gold $1,594.80, down $11.40; Range $1,593.80-$1,606.60
May silver $28.323, down 28.9 cents; Range $28.170-$28.810
Jul platinum $1,574.60, down $8.90; Range $1,561.90-$1,589.90
Jun palladium $768.25; down 5 cents; Range $760.95-$775.45
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